Q: In TX if file bancruptcy 7 will they sell my shop's equipment?
I am living on ramen, bypassing medical, letting people go, in order to keep that place open. I was told by someone that I should file for bancruptcy because would be same initial hit to my credit score if I did debt consolidation/settlement....but if they take and sell my mechanic shop's equipment...I'll lose the business (I can't work on cars without equipment).....We've done everything we can in order to keep those doors open, but it's getting to the point where the 100k of cc debt is eating me alive, there's no emergency money to pay for the rent for the place or payroll since I can't pay for these things with cc. It's past the slow period of the year for mechanic shops, but being a new shop I'm still struggling a little bit. We will probably see a lot of business next month due to people talking about what they want to do in our shop with their tax refund money (but that is not guaranteed).
A: Depends on the fair market value of your tools and equipment and your state or federal exemptions. You should consult a competent bankruptcy lawyer who can examine your complete financial situation.
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