I met with two different attorneys this week and both say I just barely pass the means test for Chapter 7, but both are suggesting that a 13 will be best.
Here's where things get interesting....
I have an LLC with about $3,500 in equity assets (which is about $1,000 over the tools of the trade exemption in my state)
Also, I have a truck/vehicle 1 (paid in full) with a value of about $9,000,
and another vehicle/vehicle 2 (paid in full) worth about $20,000.
...more complications....
We have a "family loan" with a remaining balance of $28,000
Here are my questions:
1) Under a 7, would it be possible to have the family member who we owe $28K to put a lien on our vehicle 2 and then reaffirm that vehicle?
2)Under a 7, is it possible to settle with trustee / buy out the LLC equipment and truck/vehicle 1 for the price difference between the value & the exemptions?
Thank you for your opinion!
Here's where things get interesting....
I have an LLC with about $3,500 in equity assets (which is about $1,000 over the tools of the trade exemption in my state)
Also, I have a truck/vehicle 1 (paid in full) with a value of about $9,000,
and another vehicle/vehicle 2 (paid in full) worth about $20,000.
...more complications....
We have a "family loan" with a remaining balance of $28,000
Here are my questions:
1) Under a 7, would it be possible to have the family member who we owe $28K to put a lien on our vehicle 2 and then reaffirm that vehicle?
2)Under a 7, is it possible to settle with trustee / buy out the LLC equipment and truck/vehicle 1 for the price difference between the value & the exemptions?
Thank you for your opinion!
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