high income / non-consumer chap 7 experiences ?

[HHM]

What do you mean by "blow out" a 13.

The courts would simply say that your unsecured creditors should not suffer so you can maintain investment properties.

In any event, if your a non-consumer case, your a non-consumer case. Your disposable income will not matter. But as with most high income chap 7, the issue is always assets. Getting you qualified for chap 7 (assuming non-consumer) is easy, protecting assets, that is a different story. It is rare for a high-income filers to have a no-asset cases, there is always something and when push comes to shove, despite all the *****ing and moaning, it more cost effective and less risky to surrender at risk assets than to fight a losing war to try and keep them.

[porkchopcash]

HHM,
Poor choice of words on my part. I meant keep me out of a 13, which the debt will do anyway.
Yes, assets are a small problem. I owe some back taxes which are a priority non-dischargeable debt so I can apply cash to them before filing.
Also, as my attorney said, would you be willing to give up a few thousand dollars to trustee and prevent a fight if it got this $900,000 monkey off your back.
I said "absolutely"
So, I will not fight or draw attention to myself. I will pay the piper a little and get this thing done.

[biotechsolution]

"showing a large amount (1-2k) of discretionary income"

This could be a problem, I did a non-consumer 7 and my attny made it clear I could not show the ability to fund a ch13. It woud appear with 1-2k in discretionary income you could fund a 13. Get a good attny.

I'd make sure you were a non-consumer 7. I had over 2K in excess income when I filed, income of over 250K. This included a elementary school tuition bill of 21K a year and never heard a peep from the UST.
Des is right, there is nothing in the 707(b) for the trustee to use to force a non-consumer bk into a Chapter 13. Dismissal if it's fraud related but not under 707(b).
And remember income tax is considered non-consumer also.

[porkchopcash]

Bio,
Thanks for the encouragement. I have about 900,000 in investment mortgages and another $50,000 in back taxes.
Only consumer is $240k mortgage and another $25k misc.
Confident I make the 51% threshold.
So as a high income non-consumer 7, are you glad you did it? Was it a stress reliever?
Any guilt issues or simply a business decision? I am approaching as a wise business decision.
Tell me about how quickly and strongly you recovered. I could use some encouragement as I jump off this cliff.
Thanks,

[biotechsolution]

Bio,
Thanks for the encouragement. I have about 900,000 in investment mortgages and another $50,000 in back taxes.
Only consumer is $240k mortgage and another $25k misc.
Confident I make the 51% threshold.
So as a high income non-consumer 7, are you glad you did it? Was it a stress reliever?
Any guilt issues or simply a business decision? I am approaching as a wise business decision.
Tell me about how quickly and strongly you recovered. I could use some encouragement as I jump off this cliff.
Thanks,

porkchop: Mine was strictly a business issue, consultng business I had went under to tune of about 1M. No properties involved.
Had a total of maybe 1k in personal credit card debt that was included just because I couldn't pay the bill of before filing without scutinity. Had a mortgage
that was current.
One thing that was good, all credit cards were current. I never really checked my credit score before but 3 months after discharge I was over 700.
Barclays re-issued my cards I had before filing, even gave me the 28K credit limit back. USAA and Justice Federal never cancelled their cards.
I'm sure I won't ever get anything with Citi or JP Morgan since they were my 2 biggest business lines.
I filed it pro se and had contact here and there with the UST so it went by without issues. THe biggest pain was the IRS because they wanted to go after a SEP account
for discharged back taxes but I ended up settling for 1.5K. I live in a confusing area and they filed the lien in the wrong county, I got lucky. This went all the way to tax court before
settling. I don't recommend the pro se but I tried it because I went to law school. Specialized in intellectual property and there were times I was definitely over my head. I had a friend
that clerked for the BK judge in my area.
That was almost 4 years ago. Haven't checked a credit report since and haven't been turned down for anything since.
You'll be fine.

[porkchopcash]

Bio,
Thanks for all the good info and positive encouragement. Mine is also strictly business as I set up a real estate investment business and have twelve non-performing properties left. I have tried to short sell for over a year now and had nothing but headaches with banks. It was hard to face reality at first but I was dumping huge amounts of cash into the business each month and I finally said "enough"
With regard to credit cards. That is my biggest personal issue. I don't mind BK on the blood sucking, completely unhelpful, "We needed help from govt, but won't help you at all" bank scum.
However, I am mixed on BK the credit cards. The truth is I could afford to pay that debt over time. However, most of it was ran up on expenses for the properties so it is legit business debt also.
Anyway, how did you do that with Barclays? Were they zero balance? Did you just call them after discharge? I am curious because I also have several cards with zero balance that may not survive the BK.

BTW, I won't be doing it pro se. I have hired an attorney who specializes in asset protection in Chap 7. He actually assisted the state lawmaker committee which wrote the state's exemption laws. High fee but should be worth it.

On a side note, I was concerned about the after effects of BK on purchasing ability. Just spoke with a high end property realtor friend yesterday. He said, if you are current on most things going into BK you can get conventional financing for any size home 2-3 years out with clean credit. He was telling me about a high income earner who was at 18 months right now and they were just waiting for the 24 month period so they could get prime financing on a very expensive home.
I am feeling more confident that I will be fine.