Some Questions? I am going to see a bk lawyer this week

[bboy]

Hello all,

Should I BK my corp too?

I am 28 years old and have a little complicated situation. I am 100% commission since i graduated college in 2001.

I file 3 sets of taxes:

Personal - pure 1099, sales
C-Corp1 - pure 1099, sales (2.5years old)
C-corp2 - new business(1yr old), some income, no debt (Will not BK)

On the personal level I owe about 90k all in unsecured credit debt from 9 accounts. I have been simply paying the minimmum for the past year trying to make things work but last month hit all my first 30day lates ever. Things are piling up, interest rates resetting, spiraling downward so i am opting for BK while i look for a job and try to make $$$ in any way I can.

My C-corp1, I have had for over 2 years and I have a 20k credit line maxed out at bofa and a AMEX i pay to zero monthly. I worked so hard to get the business credit going. I hit a 30day late last week though, not sure if that will repair itself over time.

???
With only 20k on the business debt, should I aim to keep that alive and live off the business credit while i bk personal? Or should I dump that too?

Thanks for any advice.

[AngelinaCat]

Welcome to the forum.

You don't say, but if any of these debts are related to educational loans, you will not be able to discharge them.

As to the business matters, I am not a business person, so someone else with that type of experience will need to answer. Don't worry, someone will.