Hi, I have a small business with all of it's debt secured by me. I also closed another small business earlier this year. I want to know if I can just close my business. It doesn't have any assets. I then want to file for a chapter 7 bankruptcy. I am currently about 400k in unsecured debt. I was just going to try to file the chapter 7 and list all of the debt for both companies as it was all personally guaranteed by me. Is this the right approach?
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I'm in the same exact boat as you, except not 400K but 150K. I'm taking the debt settlement approach to this situation. Most of the time you can get to settle your debt for 75% of your total balance, and before completing the debt settlement process you can ask the creditor to remove the default info from your credit report. Even if they don't you can repair your credit, regardless of the legitimacy of the Debt. I wrote a book about it...LOL.
Read my blog it'll give you allot more information on this subject. All I know is that bankruptcy is NOT a good option, because it sticks with you for 7 years, when debt settlement process can be over with in 3 years tops (depending on how much money you have, and how fast you can settle everything).
And you will still have your credit to be able to build on.
George Grimes.
A buddy of mine was in a similar situation with a lot less debt. This is what he told me. To call a BBB Accredited Debt Settlement Company. They can give you advice about your situation and if you even qualify for Debt Settlement. There are a lot bad apples in the industry as you read in the horror stories all over the internet. Do your research and dont listen to the company that gives you the lowest payment or the best quote. There are less then 40 legitamit companies currently operating in the industry. Shoot me an email if you are interested, I can let you know the company he used.
Barneytrizz@yahoo.com
Best of luck.
You can file for bankruptcy, but it will make things a little more difficult for you in the future. I'm in the exact same situation as you, exactly the same.
I'm going through debt settlement, not debt consolidation or debt relief programs, but debt settlement. They can sue you all they want, but if you don't have money, what are they going to take, nothing. And when you do have money, you'll be able to settle all of your debt and even court judgments for a fraction of the balance right now.
When you do have money, you'll hire an attorney and take all of them back to court and get the judgments reversed, because 99.9% of Debt Collectors violate debt collection laws and you can use that against them. Thais is all legal.
My advice to you is, don't file for bankruptcy wait it out, get rid of everything you have that is being financed right now, because bankruptcy court will get them from you anyway, and just live like me, ONLY CASH. You'll have a tough life for the next few years, but you'll be free and clear after wards. Oh yeah, did I mention that as a debt settlement clause when you are settling with them, you can have your creditors erase all bad credit reports from your FICO.
Read my blog, I have allot of useful information on Debt Settlement and Bankruptcy. Click Here!
Look at this video about "Debt Arbitration" You will have to deal with some creditors who will try to take this course.
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