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Can I Sell My Business After My Bankruptcy? – Maria

“Dear Steve,

My chapter 7 has been discharged in June…I was able to keep a business that I have had for 5 years because I do all the work, and there was no assets. My question is this. Someone that I know would like to take over my business and pay me $18,000 for it. Would I be doing something wrong if I sold it took money for it under the circumstances?

I would like to get a fresh start; this would definitely do that for me, but do not want to put into jeopardy the discharge. Nothing is more important than being out from under all the weight of debt…But the business is not making any money, it is costing me money at this point.

Maria”

Dear Maria,

I don’t see why you would not be able to sell it. But the smart move here is for you to call your bankruptcy attorney and discuss the matter with them before you do anything.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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