341 Done, over 500,000 unsecured

[mustangman67]

Due to failed business filed personal BK with wife. Over 500,000 in unsecured debt. It went well, all the worry for nothing. 341 lasted 15 minutes, trustees filing of no assets in, will be discharged barring something unforseen Aug 10!!!!!!!!!!!!!

[frogger]

Congratulations! Life moves on.

[sunshinepa]

Congrats!

[JackBondLove]

Presuming that you didn't take on any more debt after you realized you were insolvent (which would constitute BK fraud), how did you get in the hole for that much?

[panda]

I am glad it went well. I know personally how those failed businesses feel. We filed with about 100k in credit card debt, plus our home. We lost over 300k of our own personal money on our failed business, which is not hard to do if you are trying to make a business work, and then everything falls out from under you. All we could do was fold and cry over what could have been.

Best wishes on making it through the rest of your 60 days, those were the longest days waiting for us, but better than the waiting before while listening to phone calls everyday.

[IamOld]

Best wishes!!!!!!

[disconapper]

Congrats!

[mustangman67]

Jack,

We did not take any additional debt, had not had any credit for over 2 yrs. The 500,000 included the usual credit card suspects, and with interest and fees those balances nearly doubled in 2 yrs. I included a $100,000 bank note because the collateral was worth maybe 10,000 and the trustee abandoned it. Ran the business on cash flow until the lawsuits started. We had a our largest customer go bankrupt which started the snowball.

We tried the credit card company "plans", my only regret, other than not doing business with the company that stuck us, is not filing sooner. I wasted 2 yrs fighting, which put me 2 yrs behind what is becoming a promising recovery.