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Can a Sole Proprietor file for Chapter 7 bankruptcy Pro Se if their debt is primarily business related?
Wiki User
∙ 13y ago
You can do it but I don't recommend it sole prop or not. I am a sole prop and decided to file with an attorney. See the post at my blog on this very subject (link below) Good luck to you. http://californiabankruptcycentral.blogspot.com/2010/06/should-you-file-bankruptcy-pro-se.html
Someone else wrote:
Sure. But why? The fact that you have to ask such a basic thing means your probably NOT really capable of getting a good result, and in fact may end up not jut a bad one but a criminal one, handing it by yourself and not understanding what something actually meant....you need expert assistance plain and simple.
Note: this text is the reason for the question: "An entity which is not an individual may not appear in bankruptcy court unless represented by an attorney authorized to practice under Local Rule 9010-3."
And your failure to understand that most simple and basic of rules.....even more simply exlpained than as taught in Business 101...a sole Proprietor is NOT an entity and IS an individual...(and to not understand that if it was anything other than an individual...the individual (presumably YOU and your assets/debts), wouldn't be the one filing for BK....but the proprietorship isn't filing...YOU personally are, on all your "personal" and "business" dealing (including that "primarily" business dealing....however YOU define that),failing to understand they are one and the same...because you is it!
BASICS: Sole P defined (as in a HIGH SCHOOL level business text): (but of course as you say you are one, it's more than reasonable to think you would know what the heck YOU are):
A sole proprietorship is a business owned and operated by one individual.
Legally, if you set up your business as a sole proprietorship, your business is considered to be an extension of yourself. Therefore, as a sole proprietor, you are personally responsible for all the liabilities and obligations your business incurs.
This means that if the business fails, any of your assets, including your personal assets, can be seized to discharge the liabilities owing.
GET HELP BEFORE YOU DO YOURSELF (or maybe the sole p...which who cares about right?)...TERRIBLE HARM!
Wiki User
∙ 13y ago
Yes, a Sole Proprietor can file for Chapter 7 bankruptcy Pro Se if their debts are primarily related to their business. However, it is usually recommended to seek legal guidance when navigating the bankruptcy process to ensure that all legal requirements are met and to maximize the chances of a successful outcome.
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What are the difference between Chapter 7 vs Chapter 11?
Chapter 7 bankruptcy is a liquidation process where assets are sold to repay creditors, usually resulting in the discharge of most debts for individuals or businesses. Chapter 11 bankruptcy is a reorganization process that allows businesses to continue operating while developing a plan to repay creditors over time. Chapter 7 is typically more straightforward and faster, while Chapter 11 is more complex and costly but allows for more flexibility in restructuring debts.
Can you lease in an open chapter 13?
Yes, you may be able to lease in an open Chapter 13 bankruptcy, but you may need to seek approval from the bankruptcy court or trustee. Any new financial commitments should be made with caution and in compliance with your bankruptcy requirements. It's advisable to consult with your bankruptcy attorney before entering into any new lease agreements.
Can property taxes be discharged in chapter 7 bankruptcy in Texas?
TAXES in CHAPTER 7sorry to tell you , but in Texas property taxes can not be discharged in any bankruptcy.As laws change every year it would be best to check with the city you live in
How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?
The homestead exemption can protect your home equity in Chapter 13 bankruptcy from being used to pay off creditors. If the Chapter 13 case is dismissed, the homestead exemption may still provide some protection against foreclosure by allowing you to keep a certain amount of equity in your home. However, without the structure of the Chapter 13 repayment plan, you may still be at risk of foreclosure if you are unable to catch up on missed mortgage payments.
If you received a dismissal with prejudice on a chapter 13 with a one-year bar can you get around this in order to stop a foreclosure?
It is difficult to get around a dismissal with prejudice and one-year bar in a Chapter 13 case. However, you may be able to explore other legal options or file a new bankruptcy case under different circumstances to try and stop the foreclosure. Consulting with a bankruptcy attorney would be advisable to assess your specific situation and explore all available options.
What protection does Chapter 11 Bankruptcy offer?
Chapter 11 is the bankruptcy code issued to a business who files for bankruptcy. This type of bankruptcy protects a business and will allow it to get running again. If a business fails and applies for chapter 7, they must sell everything and give the proceeds to creditors. A person on chapter 11 does not have to do this.
What is the definition of Chapter 11 bankruptcy?
To somewhat oversimplify: Chapter 11 is "reorganization" for Corporations or a business, & Chapter 13 is a very similar thing for people. Debts and life are paid off/down and things re-organized. Chapter 7 is flat-out, busted-broke bankruptcy - out of business, not a penny left.
Difference of chapter 11 and chapter 7?
In chapter 11 bankruptcy, a business (usually) is trying to stay open by modifying its debts and getting rid of some. In a chapter 7 bankruptcy, a business is liquidating itself and usually has to shut down as a result.
Can anyone file for Chapter 11 bankruptcy or just businesses?
Chapter 11 bankcrupty protection can be initiated by anyone: any business (corporation, partnerships, sole proprietorship) or individuals; though it is primarily used by corporate entities.
Can you own your own business while going through bankruptcy?
Depends on the type of bankruptcy you are filing. Generally a personal bankruptcy does not effect your business, and vise versa. However, if your business is filing bankruptcy, a Chapter 11 reorganization will allow you to stay in business.
What kind of services do business bankruptcy lawyers offer?
A business bankruptcy lawyer can guide your business through the bankruptcy process, and ensure that you can maintain as much of your assets as possible while undergoing the bankruptcy process.
What is the difference between a Chapter 7 and a Chapter 11 business bankruptcy filling?
In Chapter 7 bankruptcy, assets of a business are sold to help pay back their debts. In Chapter 11, businesses can keep their assets and try to negotiate new terms with their creditors.
What is the chapter 11 of the bankruptcy law all about?
The chapter 11 of the bankruptcy law permits reorganization under the bankruptcy laws of the United States of America. Chapter 11 is available to every business and to individuals, although it is mostly used by businesses.
What is chapter 8 bankruptcy?
There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code: * Chapter 7: basic liquidation for individuals and businesses; * Chapter 9: municipal bankruptcy; * Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; * Chapter 12: rehabilitation for family farmers and fishermen; * Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; * Chapter 15: ancillary and other international cases. The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11. Source: http://en.wikipedia.org/wiki/Bankruptcy#Chapters
Can we purchase a business from a chapter 11 debtor?
Yes, with bankruptcy court approval.
Can a landlord evict a business tenant while there in chapter 13 bankruptcy?
A business cannot file a chapter 13. But a person can be evicted if he does not pay rent.
How many bankruptcy chapters are there?
The most popular that I know if Chapter 11 which is rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets. Chapter 12 is rehabilitation for family farmers and fishermen and Chapter 13 is rehabilitation with a payment plan for individuals with a regular source of income. Chapter 7 is basic liquidation for individuals and businesses; Chapter 9 is municipal bankruptcy; Chapter 15 is ancillary and other international cases.
