complex issue

[dumass]

Looks like BK is the only way out for me.

I got sued by ex-business partner. Today my attorney told me, good chance is I would lose this case. Still in discover stages, so it might take another 6-9 months for judgement. If I lose this case, judgement would be for $200k. Now, my unsecured debt is about $100k. Just last week did a $50k cc transfer to pay attorney fees and other stuff(moving and paid off few CCs). I have a luxury SUV fully paid. My house mortgage is $2200 a month. I make $120k a year. My house is in GA. Due to job had to move to PA recently.

Now, should I wait till judgement day and pay my attorney another $30-$40k or I go BK route? I am really stressed right now(I know I am not the only one here).

Please suggest me what I should do now?

Where should I file B/K? PA or GA?

Thanks folks, you guys are just awesome.

[AngelinaCatHub]

Looks like BK is the only way out for me.

I got sued by ex-business partner. Today my attorney told me, good chance is I would lose this case. Still in discover stages, so it might take another 6-9 months for judgement. If I lose this case, judgement would be for $200k. Now, my unsecured debt is about $100k. Just last week did a $50k cc transfer to pay attorney fees and other stuff(moving and paid off few CCs). I have a luxury SUV fully paid. My house mortgage is $2200 a month. I make $120k a year. My house is in GA. Due to job had to move to PA recently. First, moving 55K now is bad. Give it 90 days MINIMUM and not use ANY CC cards.

Now, should I wait till judgement day and pay my attorney another $30-$40k or I go BK route? I am really stressed right now(I know I am not the only one here). Of course you are stressed. We lost 190K due to an a$$ whole who I never knew but we had a (guess what) Forum tiff that snowballed into nine years of frivolous suits, not one going to Court. Your not the only one in this fish bowl.

Please suggest me what I should do now?

Where should I file B/K? PA or GA? It does not matter where you file. However, unless you meet the domicile requirement, you must use the rules of the state your domicile is. In other words, GA rules.

Thanks folks, you guys are just awesome. We know. LOLOL, Thank you.

In my opinion, when you bk, your court stuff will be tolled. (automatic stay) not dismissed. Not knowing your complaint with your ex-partner, he can also perform an Adversary Procedure. This is a law suit linked to your bk. I had/have one. It is possible that even discharged in a bk, an AP can be held and you would have that bill or Judgment not discharged. You make pretty good income for what you have to pay for. Of course you need a bk lawyer. It would be my guess that he would recommend you to stall and not pay your suit lawyer those big bucks as it is good money after bad. That is my opinion not advice, except you need a bk lawyer.

Been there, not as big as yours but, been there. Keep us informed. 'Hub

[falken]

Another thing to keep in mind is the chapter 13 unsecured debt limit of $336k, if you can you want to file before you go over that or you have to start to look at a chapter 11.