Filing for BK and keeping the business

[CSAS]

Hi everyone, I am new here. I've done a couple searches and I am not finding the answer I am looking for. I went to a lawyer and was told I could file personal chpt 7 BK. Liquidate my inventory, close the store, then we will file.

Everyday that I open my store, my heart breaks, because I do not want to close my store. I realize that I am not the brightest business owner, I racked up $65,000 in credit cards. These are considered personal credit cards, even though they are what I used for the inventory and whatever else for the store.

My question is, can I file BK and still keep my business and it's inventory?
My business is an LLC in Michigan.
The cards are in both my name and the companies, but are all actually personal, because I signed for all of them as a guarantee.
My husband is not on any business paperwork or credit card paperwork.
I owe $65,000.
I'm not exactly sure how Chpt 13 works or even if it's possible for me. But in my head, I would like to file chpt 13, pay much less than what I owe, keep the store and go on about my merry life.
Any help is appreciated.
Thanks

[AngelinaCat]

Hi CSAS: Welcome to the forum. I am not a buisness person, so really can't help with your questions, but there are several memebers here who own or did own a business. You might want to search for posts by 'Soleprop' and 'Southernbelle' and see what some of experiences have been.

Good luck.

[soleprop]

csas - this thread might help...

http://www.bkforum.com/showthread.php?t=26541

there are links to some websites embedded in the first post...they may discuss keeping a business during bk - dig in!

Here are two excellent webpages that deal with businesses that are considering filing Ch 7 -

http://moranlaw.net/struggling.htm

http://www.************************/...ease/#more-690

source: http://www.bkforum.com/showpost.php?...33&postcount=2

[PoorGrammyinBK7]

If you want to do a Chapter 7, (we were told) they will probably take the assets of the business (especially if you are a single member LLC) and pay creditors. We were lucky and were able to sell our business before we filed, but if we had not been able to sell, we would have faced a similar dilemma. Hated to close, but really were not making enough money to justify keeping it open - and with the present economy, it would probably have gotten worse. Personally, I was glad to be done with it. We did the non-consumer Chapter 7.

We were told if we wanted to keep the business, we would have to do a Chapter 13.

I think the credit cards are counted as business if you used them for inventory/business exprenses.


I am not a lawyer though (nor am I in your state) and you really need to see one who is experienced in doing business or non-consumer Chapter 7 BK's, not just regular consumer BK's.