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We have a small (1 truck) trucking company. We have only been in business for 7 months and are trying to recover from a couple of bad months of income. If we file for bankruptcy would it be possible the we could keep the truck and trailer and stay in business ?
5 ANSWERS
Trusts & Estates Attorney serving Camarillo, CA
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Law Offices of Larry Webb
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Bankruptcy can be like the reset button on your computer, except you can only use it once every eight years. Your question doesn't provide enough information for good answer. Bankruptcy provides a fresh start, but seven months is not very long to already be considering bankruptcy for a fresh start.
Answered on Feb 10th, 2011 at 8:43 AM
William C. Gosnell
Yes hire a lawyer.
Answered on Feb 10th, 2011 at 6:28 AM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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Yes, it is very much possible that you can keep the truck and trailer and stay in business. It all depends on the value of the truck and trailer. If you can exempt both then no problem. If the value is more than you can exempt then you may have to file a Chapter 13 to keep the truck and trailer and pay any excess value in a Chapter 13 Plan over up to five years. You need to discuss your situation with a local bankruptcy lawyer to see whether either Chapter 7 or 13 would be appropriate in your case. If you have employees generally you cannot operate a business in Chapter 7. However, if you and your husband are self-employed owner-operator then Chapter 7 would not be a problem if otherwise you qualify.
Answered on Feb 09th, 2011 at 8:58 PM
Family Law Attorney serving Kingston, NH
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DiManna Law Office, LLC
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It might be, you would have to provide more details. You might be able to do a reorganization.
Answered on Feb 09th, 2011 at 5:28 PM
I need more information to see if bankruptcy is right for you. Please call me for a free consultation.
Answered on Feb 09th, 2011 at 5:28 PM