Am a sole proprietor in New Jersey. I am being sued by a supplier that I owe money to. If I am unable to pay can they take my home away. Or is bankruptcy the best alternative.

Hello lester:

If you owe more than your home is worth, then you might consider bk. But first, I would visit a bankruptcy lawyer.

excon

How much do you owe? Is your debt equal to or greater than the value of your home? They could place a lien on your home or any other real assets that you own. Before you consider bankruptcy speak with an attorney and find out whether this is a dischargeable debt. It's hard to call since it involves a business-to-business type transaction.