If I file bankruptcy, can my business equipment be taken away?

Yes.

Monday like 10/22/12 Monday? Contact a bankruptcy attorney and file an emergency petition. I would not wait and hope for a continuance.

Possibly, but you need to talk to a competent bankruptcy attorney quickly. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.

Question: If I file bankruptcy, can my business equipment be taken away? *- if its secured with a loan or a lease, then yes * Detail: My husband has a business that we are not making very much money. We have to go to court Monday. Capital One is taking us to court because we haven't been able to pay. We can't afford to pay the monthly for the debt relief, so the lady told me we should probably file bankruptcy. Can we get a continuance on Monday on our court date so they can't garnish his wages? *- whether or not you can get a continuance will be up to the judge, but you will have to ask for it; explain that you are filing bankruptcy and need 2 weeks to meet with a lawyer and get the necessary documentation together. You may not get the continuance because the creditor will object and say that they have the right to pursue their claim until you can file BKY. You can't get what you don't ask for, so it doesn't hurt to ask, but I'd also hire a BKY atty. ASAP who MAY be able to file an emergency petition to at least stay the action until you can file all of the complete documentation required. *

The property you are allowed to protect from a creditor with a court judgment is called exemptions, and exemptions vary widely between the states. In Nevada, a creditor can garnish up to 25% of someone's wages. If your husband's self employment produces wages, then the law will limit the amount that can be garnished to 25%. If however, hubby is a sole proprietor, there will be no limit to the money the judgment creditor can take to satisfy the judgment from his checking account or cash register. Business equipment and tools of the trade are protected under Nevada law up to $10K.

Yes if you file bankruptcy the business equipment can be taken. I doubt that you can get a continuance without a proper reason. The reason you list is not a proper one.

You need to hire a BK lawyer promptly. Once the creditor knows you have actually retained counsel they will probably hold off on collection efforts. The equipment question is more complicated. Finding the best resolution involves whether and how your business is organized and the exemption law in your state. Successfully protecting your assets as a small business man is complicated.

The Capital One account is probably unsecured. Unsecured creditors have a lower priority than secured creditors (i.e. loan on a vehicle, etc.). A judge may or may not postpone the hearing. Regardless of what occurs, I suggest that you contact an attorney to evaluate your financial position and options.