I Am Self-Employed and Want to File Personal Bankruptcy

Woman checking papers

Question: What business records do you need from me to file a personal bankruptcy? I got fired about 2 years ago from CNN and I started my own business. I was doing landscaping for upscale customers in North Fulton County and I was making money. I did better than I thought I would.

But with my child support payments, credit card debt, student loans and alimony I’m just not making enough money to pay all my bills at the end of the month.

Every month I get more and more behind. Now I’m getting sued for a credit card I had with American Express. I just don’t have the money to pay everyone each month, although I’d like to.

My business has a good amount of expenses. I have trucks, employees, machines and equipment. All that costs money, so at the end of the month I don’t have much left over to pay stuff.

I know I need to file bankruptcy as soon as possible. My debts are just too big at this point. When my father filed he said it was the best thing he’s ever done. He also had a business and he had serious money issues.

What business documents do you need?

C.G. in Roswell, GA

Answer: For individual filers that have been self-employed within a year of filing, the court requires that we provide business profit and loss information for the 12 months preceding the filing of the petition. That is true whether someone is filing a chapter 7 or a chapter 13.

We ask self-employed clients to provide a profit and loss statement for each of the preceding 12 months. We provide clients with a sample spreadsheet so that they may see the information that we will need in order to complete our assessment and the subsequent bankruptcy documents. We tell our clients to feel free to utilize this spreadsheet as they prepare this information, although they can provide it to us in any form they want.

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