Personal Banruptcy with a business?

[SkankCheese]

What is the name of your state? North Carolina


Ok, I also have a friend who is wanting to file bankruptcy before the new laws go into affect. She is wanting to do Chapter 7, but she has a business. She got her business license last year, to do personal accounting- so that she could do people's taxes around tax time. I'm pretty sure she hasn't made more than $400- $500- Total. Not subtracting the start up costs of printing fliers, business cards, etc. She just does it out of the extra room in her apartment. Like me, she has no assets, no house, upside down on her car, lives in an apartment, no savings. How does her filing BK work with having a small, not profitable, business? Will it depend on what she wrote off on her taxes?

Thanks!

 

[Ladynred]

She is wanting

The proper grammar is "she wants".. I'll never understand why people do this

Anyway, assuming she's paid for things on her own personal credit cards, then the bankruptcy wouldn't affect her business other than losing her access to those credit cards. Anything personally guaranteed by her for the business would be dischargeable, and her income from the business would be reported on her schedules, verifiable by her tax returns.

 

[SkankCheese]

I am wanting to apologize. j/k

Sorry for the incorrect grammar, thanks for the info.

 

[Ladynred]

lol

Guess that particular mis-use of the language has gotten under my skin. All day long I hear the woman in the cube behind me calling people saying "I am needing......" and it drives me nuts ! She makes tons of calls every day to verify insurance coverage on patients so I hear it literally all day long.