My wife owns a Sole Proprietorship as an LLC (or the other way around). We work at home developing and selling software. She works in a converted utility room and I converted a storage shed into an office.
We're VERY small business and barely seem to break even month-to-month. We have essentially no assets, no contracts, no A/P or A/R except occasional 1 to 2 month programming jobs. (other than another post I just made about our house in the Personal Bankruptcy forum concerning our home).
We owe over $1M personally (pre 9/11) and owe about $15,000 on a credit card for the business. The business only has a few computers, printers and 2 desks. From the stress, I am also now in poor health and our income drop of about 75% will likely never be recovered.
Does anyone have any experience in what we may expect to happen with the business? Can it be covered by the personal bankruptcy or will it need to be separate? On one hand, I don't want to file for the company over $15,000 but we simply don't have $7500 that they would accept and it seems like there may be nothing to lose.
Thanks in advance for any advice.
We're VERY small business and barely seem to break even month-to-month. We have essentially no assets, no contracts, no A/P or A/R except occasional 1 to 2 month programming jobs. (other than another post I just made about our house in the Personal Bankruptcy forum concerning our home).
We owe over $1M personally (pre 9/11) and owe about $15,000 on a credit card for the business. The business only has a few computers, printers and 2 desks. From the stress, I am also now in poor health and our income drop of about 75% will likely never be recovered.
Does anyone have any experience in what we may expect to happen with the business? Can it be covered by the personal bankruptcy or will it need to be separate? On one hand, I don't want to file for the company over $15,000 but we simply don't have $7500 that they would accept and it seems like there may be nothing to lose.
Thanks in advance for any advice.