http://www.thebklawyer.com/thebkblog/2009/04/29/can-a-small-business-owner-file-chapter-7-personally-and-still-keep-his-business/ Personal Bankruptcy tips and tricks moderated by Atlanta lawyer Jonathan Ginsberg Tue, 17 Jan 2012 01:57:46 +0000 hourly 1 http://www.thebklawyer.com/thebkblog/2009/04/29/can-a-small-business-owner-file-chapter-7-personally-and-still-keep-his-business/#comment-11183 coralyn Wed, 08 Jul 2009 18:41:34 +0000 http://www.thebklawyer.com/thebkblog/?p=340#comment-11183 <p>i am a truck driver, I own my truck and I need to know if I can file a chapter 7. My truck is now my home, due to a foreclosure will I be told that I need to sell my truck/residence in order to file a chapter 7? thanks</p> i am a truck driver, I own my truck and I need to know if I can file a chapter 7.
My truck is now my home, due to a foreclosure will I be told that I need to sell my truck/residence in order to file a chapter 7? thanks

]]> http://www.thebklawyer.com/thebkblog/2009/04/29/can-a-small-business-owner-file-chapter-7-personally-and-still-keep-his-business/#comment-11007 San Antonio Bankruptcy Attorney Alex Wathen Sun, 10 May 2009 16:40:52 +0000 http://www.thebklawyer.com/thebkblog/?p=340#comment-11007 <p>It depends on the trustee. Since there is no specific prohibition on an individual debtor operating a business I think they can. One section states that the trustee may operate the business of the debtor for a brief time period and some argue that by implication the debtor cannot operate the business. Obviously a corporation will be shut down, but an individual debtor who operates a business using exempt property should be able to continue since a debtor is allowed to possess exempt property. I had a case recently involving cash collateral where the judge ruled that an individual debtor could not receive court approval to use cash collateral in a Chapter 7. We converted to Chapter 13.</p> It depends on the trustee. Since there is no specific prohibition on an individual debtor operating a business I think they can. One section states that the trustee may operate the business of the debtor for a brief time period and some argue that by implication the debtor cannot operate the business. Obviously a corporation will be shut down, but an individual debtor who operates a business using exempt property should be able to continue since a debtor is allowed to possess exempt property. I had a case recently involving cash collateral where the judge ruled that an individual debtor could not receive court approval to use cash collateral in a Chapter 7. We converted to Chapter 13.

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