Hi everyone,
I have not posted in a long time.
Here is my situation in a nutshell.
I own a business (sole prop) was hurt by recession, real estate and some bad choices like most people in this forum.
I stopped paying my CC in early 2009. I am current on my mortgage although my house is upside down.
I was about to file BK since 4 lawsuit were filed against me when, given the rulings on NAF and the arbitration clause in the CC agreements, I tried to go the "fight them" road. I did that mainly to buy time for my biz to get better and have better visibility.
Like the most experienced posters always say, once you played the Ch 7 card you can't play it again for a while and you better have your ducks in a row.
Anyway:
After sending arbitration election and C&D letters and answering to lawsuit with Motions to Compel arbitration here is my situation.
3 lawsuits have been dismissed
1 is soon to be dismissed
1 account (BofA) was settled at 6% ($17k balance)
10 accounts are silent (no calls, no letters, nothing since last September)
At this point I am seriously thinking of NOT filing BK and wait for the SOL, which is only 12 months away for some of the debts.
Here is the catch:
1) My business and the economy in my sector is not getting any better. I have some debts to 3 overseas vendors (small businesses, artisans).
Q) What is if I just close the sole prop, liquidate the inventory and offer a small settlement? Anyone went this route successfully?
2) I have a second job and in August I may start making more money. Potentially, but not certainly, pushing me in a CH 13. July 10th- July 15th looks like a sweet time to file to get a Ch 7.
Q) Anyone here successfully negotiated a cramdown of a second with BofA in a Ch 7.... or better yet obtained a lien strip in a Ch 7??
Thanks and good luck everyone!
I have not posted in a long time.
Here is my situation in a nutshell.
I own a business (sole prop) was hurt by recession, real estate and some bad choices like most people in this forum.
I stopped paying my CC in early 2009. I am current on my mortgage although my house is upside down.
I was about to file BK since 4 lawsuit were filed against me when, given the rulings on NAF and the arbitration clause in the CC agreements, I tried to go the "fight them" road. I did that mainly to buy time for my biz to get better and have better visibility.
Like the most experienced posters always say, once you played the Ch 7 card you can't play it again for a while and you better have your ducks in a row.
Anyway:
After sending arbitration election and C&D letters and answering to lawsuit with Motions to Compel arbitration here is my situation.
3 lawsuits have been dismissed
1 is soon to be dismissed
1 account (BofA) was settled at 6% ($17k balance)
10 accounts are silent (no calls, no letters, nothing since last September)
At this point I am seriously thinking of NOT filing BK and wait for the SOL, which is only 12 months away for some of the debts.
Here is the catch:
1) My business and the economy in my sector is not getting any better. I have some debts to 3 overseas vendors (small businesses, artisans).
Q) What is if I just close the sole prop, liquidate the inventory and offer a small settlement? Anyone went this route successfully?
2) I have a second job and in August I may start making more money. Potentially, but not certainly, pushing me in a CH 13. July 10th- July 15th looks like a sweet time to file to get a Ch 7.
Q) Anyone here successfully negotiated a cramdown of a second with BofA in a Ch 7.... or better yet obtained a lien strip in a Ch 7??
Thanks and good luck everyone!