I think it's time

[BN1964]

The short version...

We closed our business, a LLC (ceased operations really) "almost" 2 years ago. It was an internet business that we had for about 10 years and had no assets. No inventory, vehicles, cash, etc associated with the company. After spending every penny saved, earn and borrowed, we final just closed up shop. The debt, personal and vendors, is near (if not over) 150k not including our boat (another 275k) which is on the verge of being repo-ed (we don't own a home). ALL debt is unsecured.

We stopped making payments on all CC's etc about the same time we closed the business. Over the following year we sold off most personal items including our 3 cars (those we owned outright) and moved to another state in search of work. We have been making the boat payments, as well as eating, off the money from the sale of our belongings over the last year.

Well, the work hasn't panned out like we hoped, like so many others out there, we are out of cash and the repo man is closing in on our boat, which we live on. The boat and insurance is the only thing we continued to pay, that is until Oct 2010. We have no interest at this point of trying to keep our floating home, it just doesn't make sense. BUT it is our current home.

I know it's time to pull the trigger and contact an attorney. I guess we are a bit scared of the whole thing.

I'm not sure I actually have a question. I just need to get it off my chest... and I don't feel any better. I still feel embarrassed and ashamed

[BrokeinMD]

The hardest part for me, too, BN, was going to the attorney. But, when you file, you're automatically put into an automatic stay, which will buy you time to gather cash to find a place to live, etc. Don't be embarrassed or ashamed, there are plenty here, including myself, walking in your shoes. You're not alone. Keep reading here. You'll find it very comforting. Good luck to you!

[dneil]

Once you talk with an attorney, you will feel relief. I did. And our attorney just kept reassuring us that we were going to be fine. And ya know what??? We were, and are. It is like getting a shot at the doctors office. It hurts really bad at first, but it is quickly over. You WILL be okay. I promise.

[BN1964]

Thanks guys. People keep telling me it will be ok, it's just hard to make the call.

How much time does it buy us on the repo, generally speaking. AND how hard will it be to rent an apartment?

[carlsbadmike]

BN,
I ceased operations of my S Corp in December 2009, and filed for dissolution in April of 2010, after having owned and operated it for 3 yrs. I lost about 95% or so of my business, due to price cuts by competitors that I couldn't compete with, in between 2007 and 2009, mostly in 2009. Also in 2009 I took a $100K hit on my house just to get out from under the payment, sold all of the household contents, and sold my car in order to have money to live on. I filed for BK 7 in April of 2010 for $130K and had it discharged in August of 2010. After filing for BK I felt a huge weight was lifted off of my shoulders, and then another weight was lifted off after my 341 meeting with BK trustee which lasted about 5 minutes. I felt embarassment and ashamed too. This went away for me after it was over with. Most attorneys provide free consultations. I took the 2nd one I consulted with, she just felt right. I was not disappointed. You will feel much better when it's all over with. Good luck on your journey.

[BrokeinMD]

Once you file you get the Automatic Stay, which is 90 days. Some people have had success just by saying they were filing to buy time. Plus, you can look on Craigslist for personal landlords, agencies that require no rental checks, etc. There are places out there to live.

[BN1964]

Thanks again for your reply's and encouragement!

Does it matter if the boat is repoed before we file? We are going to try and make arrangements to stay with family for a while. We are hoping to rap that up in the next week or so so the boat won't need to be our home, as it is now.

[BrokeinMD]

If you file before it's repossessed, you will be able to buy time in it. If they still want it, then the bank will have to file a lift of Automatic Stay to be able to grab it. Otherwise, if you're abandoning it, lots of posts here in the repo section say that they've called and let the bank know where it's at, be it vehicle, or whatever.

[frogger]

I'm not sure I actually have a question. I just need to get it off my chest... and I don't feel any better. I still feel embarrassed and ashamed

You're at the right place!

Pull up a chair, get you a shot of whiskey, and celebrate the fact that bankruptcy is legal, it is the law, and it is a way for you, like all of us, to get that fresh start.

Don't be embarrassed or ashamed. Sh.......
it happens. We just deal with it.

[yang0837]

I agree that you feel soooo much better after talking to a good attorney. I knew bk was for me, just felt a little ashamed for letting myself get there, but why cry over spilled milk, right?