Q: Question regarding Bankruptcy Chapter 7
I live in Los Angeles, CA.
My question is regarding potential ways of using the funds that I have left before filing bankruptcy.
I used to have AirBnb business before coronavirus started. I had 25 apartments that I used to rent and sublease to guests from all over the World. Everything was great. And I was expanding. But when the crisis happened, I shut down 22 apartments in 2 months because cancellations and refunds were outrageous and therefor I couldn't sustain business anymore, as a result I have enormous debt to the middleman company between me and guests, property management company and a fee creditors that I borrowed funds to expand business. Therefor, as of now, filing bankruptcy Chapter 7 is the only way to go about it. I have already consulted with the lawyer but would like to have a second option on a few questions:
1. I, currently, have around 60.000$ in Cryptocurrency. 35000$ from it will be protected by my lawyer
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.