An attorney says I make too much to file ch7. So 13 it is. But I have to pay back the value of my truck which I want to keep. We have used my homestead when American Ex but a garnishment on me so I could get my money back. I have personal debt and a business debt that is an LLC but I found out that Im liable since my name is signed as guarntor. Im a little over $40K in debt. I can't pay all the miniums and they are all behind. I was told I could keep my house but my attorney never said anything about my motorcycle. My truck is worth about $7K and my bike around $4K. Cant let either one go. If I file for ch13 can I still operate my business. And how will this ch13 show on my credit report. Someone told me that it will show but wont show BK till its paid off. What do you guys think? I have to make a decision soon cause my attorney told me that I would need to do this while I was out of work. I had surgery, so ive been out on medical but will soon be going back, so he could show that im not making anything. So input fast please. I live in the state of VA
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That is really a whole bunch of questions in one.
The motorcycle will get the same treatment as the truck, if you want to keep (assuming it is paid for) you need to pay the value of the bike into the plan (along with the truck). Yes, you should be able to "operate" the business, but you may need to reorganize it into a sole proprietorship.
As for credit, it will most definitely show as a BK as soon as it is filed.
As far as "can't" let either go, that is a bit of an overstatement if your honest with yourself (you could let the bike go), you just don't "want to"
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I think you need to slow down, calm down, and do your homework. You have so many issues crammed into one paragraph.
You have debt issues, exemption issues, vehicle issues, personal issues, and corporate issues, all of which need to be discussed on their own merits.
Tell me more about your LLC...All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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Make sure you do not make ANY decisions whilst under the influence of any post-surgical meds.
Best wishes to you.~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~Not an attorney - just an opinionated woman.Comment
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is attorney basing the "make too much" on income alone vs. actually doing all the paperwork to arrive at your DMI (positive or negative)?
You can be over median and still file CH. 7 if you have negative DMI.Comment
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