thinking about filing...PLEASE HELP!

[ponderingBK7]

My husband and I are in serious debt. We forclosed on out home in 2007 and the second mortgage is on our report as a bad debt, we have collections and bad debts in total of about 140k (that is including the mortgage). Our credit scores are in the low 500s. We have 2 cars, one which we took a loan against back in december for 5k to pay rent and owe 11k on the other car. I have small children and dont want to lose the cars. My husband has a pre-marriage tax lien of 11k as well, which is on uncollectable status at the moment. This is the first time I am looking into CH7, so I plan on retaining legal council as well, but would like to get some thoughts on my situation before going forward.

in addition, I have an LLC which generates close to no $$, I am an officer in my brothers company and I am listed as a trustee on my mothers property. How will all this play into personal bankruptcy. will they go after my mothers property and my brothers business?

[bankruptcyoc]

There are exemptions to keep assets that you need to live, but there is no quick answer to your question because an attorney will have to take a look at all your assets and see how they can fit them into the various bankruptcy exemptions and see if you qualify for a bankruptcy. Your best bet will be to go meet with a few attorneys and take advantage of a their free consults to see what they can tell you. A good attorney will not be afraid to give you some good information on how the bankruptcy can help your specific situation. Call a few offices and meet with a few of them. Some will even do phone consultations.

[LadyInTheRed]

It sounds like you are the trustee of your mother's trust. As long as you are not a current beneficiary of the trust, those assets are not in danger in your bankruptcy. Your attorney should review the trust to make sure you have no interest in or power over the assets that would cause them to be vulnerable.

If you are an officer in your brother's company, but have no ownership interest in the company, that should not be an issue either. Again, your attorney should review the formation documents to make sure you have no ownership interest.