More details to this question:
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 ?
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Meet with an experienced bankruptcy lawyer face to face to get your questions answered. I would have about 50 to 60 questions to ask you before I could give you any legal advice. Its like calling a doctor on the phone (a doctor you have never met) to complain about a headache. Without getting a complete medical history from you, it would be impossible to tell you whether to take a couple of aspirin, or to advise you that you may need brain surgery. Any lawyer worth their salt is going to charge you for the consultation. Now is not the time to skimp. You have a lot at stake. Good luck!
Answered on Aug 05th, 2015 at 4:37 PM
It depends on how you have structured your business. If you are a sole proprietorship, it is likely the Trustee will shut down your business. If you really believe that the business can be turned around, you should wait to file bankruptcy. After all, if you file bankruptcy and the business continues to bleed money, what will you do then? You can only obtain a discharge in a Chapter 7 case once every 8 years. Bankruptcy exemptions provide for a limited amount of protection of business assets, so filing might result in these assets needed to continue the business being seized by the Trustee.
Answered on Aug 05th, 2015 at 12:33 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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It is distinctly possible. But the costs of doing a chapter 11 case can be high. Consults an experienced bankruptcy lawyer in your area to see if you can do a chapter 13 which will include your business. This requires some ingenuity, but it sometimes can be done, and it is far less expensive then a chapter 11.
Answered on Aug 04th, 2015 at 10:45 PM
The typical chapter 7 bankruptcy requires shutting down and liquidating a business. If the bankruptcy trustee can be convinced that s/he has no real legal exposure while supervising your estate, because you have sufficient insurance, then you might be able to keep the business going depending on how much equity you have in your truck and trailer. Otherwise, you probably would have to file under chapter 13 and make monthly payments to the trustee for 3 to 5 years. Chapter 13 allows you to reschedule your debts while keeping a business going.
Answered on Aug 04th, 2015 at 6:22 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Yes but facts are needed
Answered on Aug 04th, 2015 at 6:13 PM
Ut depends what kind of business it is, is it a dba or llc?
Answered on Aug 04th, 2015 at 4:42 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, it's possible that Chapter 7 or Chapter 11 bankruptcy might save this business. However, without more facts, I can't tell if bankruptcy is the right step.
Answered on Aug 04th, 2015 at 4:42 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Perhaps, you should be consulting with the bankruptcy attorney as quickly as possible.
Answered on Aug 04th, 2015 at 4:18 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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If your business is already a self-proprietorship, you can reorganize through Chapter 13 without having to dissolve or the like (though unintended consequences of dissolution need to be studied and weighed against its benefits before dissolving the entity). Otherwise, you may need a Chapter 11 reorganization.
Answered on Aug 04th, 2015 at 4:18 PM