Bridalstore asked:
I own a bridal store that I bought in 2006, it has not profited since. I have not received pay roll since I purchased the store. Now that the economy has gotten so bad and with debt to creditor and suppliers, I am thinking of claiming bankruptcy. It is a sole prop. and I am planning also to claim personal bankruptcy. I found out my step mom has cancer again and I’ve been so stressed with the business and the cancer issue, that I would like to claim bankruptcy.
What is the process in ch 7 bankruptcy? mainly the trustee part. Does it mean that I no longer need to open the business and someone else will be at the store selling off all our gowns and basically closing the store and paying off our debt? what is the time line for that? Also, I feel so embarrassed that I can’t pay off my debt in the business, do I contact my creditors and suppliers or does someone else contact them?
Thank you for your help. I am planning to talk to a lawyer soon. Thanks again.
I own a bridal store that I bought in 2006, it has not profited since. I have not received pay roll since I purchased the store. Now that the economy has gotten so bad and with debt to creditor and suppliers, I am thinking of claiming bankruptcy. It is a sole prop. and I am planning also to claim personal bankruptcy. I found out my step mom has cancer again and I’ve been so stressed with the business and the cancer issue, that I would like to claim bankruptcy.
What is the process in ch 7 bankruptcy? mainly the trustee part. Does it mean that I no longer need to open the business and someone else will be at the store selling off all our gowns and basically closing the store and paying off our debt? what is the time line for that? Also, I feel so embarrassed that I can’t pay off my debt in the business, do I contact my creditors and suppliers or does someone else contact them?
Thank you for your help. I am planning to talk to a lawyer soon. Thanks again.
Tags: Business Process, Economy, Step Mom