Keeping Business, Personal BK, or...wait. Meeting Friday - FYI

[casper11]

For those of you following my dilema...
Today...WAS A GREAT DAY!!!!
Whoo Hooo!

I met with my attorney and all is going to be just fine.

Here are the major findings:
1. I am going to file a personal bk13.
2. The second mortgage will become unsecured and will be stripped. This allows me to keep the house!
3. The S-Corp will close...Bye Bye to all the debt! I will not BK the S-Corp, just let it die.
4. All of the personal guarantees of the S-Corp will diie with the 13.
5. Removes all unsecured debt of about $330K
6. The primary LLC will continue to operate as normal. Perfect solution to a perfect mess.

Of course this is just a rough outline. If anyone has specific questions or needs clarification, just let me know and I will be happy to answer.

How has this been going for you. I hate to ask a stupid question but how are you disposing of S-Corp debt with a 13 ? Did you sign personally for most of your business credit? Aren't they coming to you personally and making you pay some of it back over 5 years? Learning as I go here...

[biotechsolution]

I also operate a couple small businesses and have about the same amount of unsecured CCs and LOCs debt both personal and corporate. Over $300k.

1. Is that a fact that a 2nd Mortgage cannot be stripped on a ch. 7 ??
2. Is there an unsecured credit limit? I read somewhere it is about $320k. Is that correct?
3. My attorney told me today that she might be able to "get my second declared unsecured"... Is she misinformed concerning the ability to do that on a ch. 7 ??

you can't lien strip in a 7. only in a chapter 13.

[micky]

getmeoutofhere

Any new news getmeoutofhere? Would appreciate a progress report?