Here we go!

[rico0368]

Well we had an ice cream business in Michigan that we had to shut down in Sept of 2008. We signed a personal guarantee for 250k, we were going to try to work something out with the bank, but no agreement could be made.

We knew that we were going to file Chapter 7 so we stopped making most of our house and CC payments last October 2009.
We are meeting with the lawyer this week to file.

We are not going to keep the house (due to the 250k lien), but we are going to keep the cars and look for a place to rent. Fortunately I am (and always have been) employed. I'm hoping that this is a fairly painless process and I know I will be out here looking for support along the way

I am looking forward to getting everything associated with that business behind us. I know there is going to be a lot of stress, but hey..things will get better right?

[BobMango]

Yes, things will get better. It sounds like you're approaching this with the right attitude, that's a big advantage. (check some other threads to see what denial looks like!)

As long as you are honest and straightforward in your filing, things will be less stressful there then you might imagine.

Good luck to you.

[LimpDisc]

That makes you very familiar with business decisions. Your BK should be treated as a personal business decision. Good luck!