needing help from someone owning a business

[larryg]

What type of business do you have? Do you have inventory? I can't just disolve the LLC and start another without proving what I did with the inventory and equipment. I do not have any receivables all sales are cash or cc.
Which brings up the next problem. I changed cc processing companies and changed bank accounts last month in preperation for this and the new bank has bought out the old bank that I have a cc with. Now I will have to find a new bank or keep my payments current until the paperwork is actually filed. Can they take money out of your account after the bk is filed?

[ansky0007]

Did you file on your business? Or personal? or both? That is the difference. If you have $300k in cc debt under your business name and you have discharged only your personal liability for the $300k then the liability still exists for the business. I'm sure you and your attorney have discussed this extensively.

My business was a Sole Prop, Amex never even had my Tax-ID only my social so all debt is considered personal since I was personally responsible. Dont think I will have any issues since Amex was quick to sell my debt... Collection company has already offered a settlement for .20 on the dollar so they must have bought it very cheap. I dont have it so we are going forward with our CH7.
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[StartingOver08]

ansky0007, then you did the right thing. Your personal filing will get rid of your debt because your debt is of a business nature but accrued under your ss rather than a separate tax id. One of the things my attorney did (which was great) was to have me file personally (name of debtor), but there is a spot right under that box that says: 'All Other Names used by the Debtor in the last 8 years' and that is were he put the S corp name.

So that would work just as well with a d/b/a (IMHO) or a sole prop

[larryg]

One more thing to explain. I'm not behind on any payments but this is the last month I will be able to make them. I'm not planning on stopping my payments to BofA because that is a business debt and will still have to be paid by the business. But when I file personal will they automatically try to collect the full amount by siezing my business bank account even if the payments are current? Can they do this? Will they need to get a judgement first? Can my att work out a deal with them?

[ready2puke]

If your filing why are you paying BoA? Not sure I understand. Bus and Pers all the same thing when your a sole bus owner. If you have a bus checking account with BoA I'd change that like yesterday otherwise they will take your money. Go open up an account with a small bank that doesnt have any credit cards

[StartingOver08]

If your filing why are you paying BoA? Not sure I understand. Bus and Pers all the same thing when your a sole bus owner. If you have a bus checking account with BoA I'd change that like yesterday otherwise they will take your money. Go open up an account with a small bank that doesnt have any credit cards

EXACTLY RIGHT!!!

[larryg]

My bank account is not with B of A but they can still try to sieze the money through a judgement. In order to keep the business open and operating the business will have to pay its debts. I am personally signed on this cc so I also personally owe this debt. When I file bk I will have to list BofA on the filing. This is when I am worried about what they will do.
In my previous post I asked if BofA could seize any funds in my business checking account but I was not thinking clearly. I know they cannot do that if I do not have a checking account with them. But if they get a judgement against the business they can so this is where I need to get a very good lawyer to handle the business as well as the personal end of this.
thanks everyone for all the help

[ansky0007]

My bank account is not with B of A but they can still try to sieze the money through a judgement. In order to keep the business open and operating the business will have to pay its debts. I am personally signed on this cc so I also personally owe this debt. When I file bk I will have to list BofA on the filing. This is when I am worried about what they will do.
In my previous post I asked if BofA could seize any funds in my business checking account but I was not thinking clearly. I know they cannot do that if I do not have a checking account with them. But if they get a judgement against the business they can so this is where I need to get a very good lawyer to handle the business as well as the personal end of this.
thanks everyone for all the help

My opionion... Stop Paying it now... I owed Amex over $190k alone and within 60 days they sold the debt. I spoke with them around 45 days out and told them we were filing CH7, Within 2 weeks of our call I was receiving calls from a collection company with offers to settle for $40k.. Get a lawyer and have them help you make a plan.

[BROKENN]

My opionion... Stop Paying it now... I owed Amex over $190k alone and within 60 days they sold the debt. I spoke with them around 45 days out and told them we were filing CH7, Within 2 weeks of our call I was receiving calls from a collection company with offers to settle for $40k.. Get a lawyer and have them help you make a plan.

I agree 100%!