Own business may need to file bankruptcy? -

I still owe 25,000 on my business which is secured by my home and business assets. I closed down the physical store and am going online only due to family illness that is causing me to stay home. I cannot make the payments at this point. I am not trying to get out of paying I just need another way. Can I file bankruptcy and still keep my home business. Any other suggestions? My credit is shot at this point so a loan is out. Family is out. Friends are out.

Yeh. Sorry about this. I know it stinks. Chapter 11 won t let you keep the business, maybe the house. Chapter 13 will help you re-structure your debt. Find an attorney that specializes in bankrupcy. Your consultation should be free. Past that, you may be surprised at how little they cost. I mean after all, you are filing for bankrupcy. Good luck to you and I believe you are not trying to get out of your responsibilities.

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