Hi,
I own a small business and we're considering bankruptcy right now. We've met with a lawyer and found out that we'd have to declare ch. 7 for the business and then ch. 13 personally since we have some personal guarantees / liens on business loans, leases, etc.
We've been told that with ch. 13 our credit will be bad for the 5 years while we are paying back our debts and then it will get better and after 8 years we'll be able to buy real estate again ... we'd love to hear from someone who has been through this to find out if this is true and really what happens post-bankruptcy as far as getting loans, etc. Any surprises?
Thanks for any help you can offer us!