Personal Bankruptcy and owning a small business?

What is the name of your state? MA

I own a small business (massage) with only a few assets (table, cabinet, computer etc.). Since I rent space I don't have any overhead. I'm thinking about filing for Chap 7 with roughly 35,000+ in credit card debt. How would this bankruptcy effect my small business? With the debt wiped clean, I could live on the money I've been pumping into the credit card companies minimum payments. I have not defaulted on a payment yet.

Since the debt was accumulated under my name, my wife will be exempt. We both have a substantial amount of school loans that are currently being deferred. I'm thinking without filing, I'll never get back on my/our feet.

Also, can anyone recommend any good books regarding this issue.

Lastly, I heard the laws may be changing soon. If you can, what is changing and when?

Thanks for your help, this forum is unfortunately become a very popular place.

[bigun]

Here are Ma. BK exemptions:
[url]http://www.bankruptcyaction.com/maexemptions.htm[/url]

Nolo Press has a book also available at Barnes and Noble . The full name escapes me but, it's something about how to file a Chapter 7. It has all sorts of examples and sample forms,etc. That's a good reference.
The laws may or may not change. If they do, they will take affect 180 days after they're signe into law.
BK will be more expensive to file and more time consuming. The consumer will be subject to a means test that may require him/her to repay a portion of the debt. Credit counseling will be required and some other stuff. Right now, it's tied up in the Senate wil a fillibuster threatened. They'll need 60 votes to get it to the floor and so far, they don't have them. [url]www.clla.org[/url] provides daily updates on the progress.
Most bk lawyers give free initial consultations. talk with a couple and get all of your options explained.

Thanks for your advice bigun.

I'll think I know the book your writing about. My biggest concern is how a BK would affect my small business. I'm in the process of contacting a reputable lawyer about this and thought why not ask the forum for some advice.

This forum has certainly been a way for me to feel more comfortable in pursuing this process.