Very long story that I won't completely get into. Business failure and over $9mm in personal guarantees - plus $200k in unsecured debt related to purchases made for the business - are forcing a personal Chapter 7.
Obviously this is not a "run of the mill" bankruptcy. I don't assume this will be an easy process - I very much assume that there will be a couple of lenders that put up a fight. Thats fine.
I have PGs with a number of lenders (in excess of $9mm) - a couple of large ones and a few auto lenders (Lexus Financial, Ford Credit and US Bank).
I also have credit cards/lines of credit with the following:
Citi Business $26,000
Bank of America Business $11,000
Discover Personal $15,000
Chase Business $11,000
American Express Business $26,000
Barclay/Hawaiian Business $21,000
Digital Federal Credit Union $11,000
Navy Federal Credit Union $25,000
Navy Federal LOC $15,500
Logix Federal Credit Union $16,000
Capital One Venture $16,000
Capital One Business Business $11,000
Pentagon Federal Credit Union LOC $20,000
Pentagon Federal Credit Union $5,000
I have personal auto loans with Infiniti Financial (wifes car - will be reaffirmed) and Navy Federal (my truck - will be returned as Navy Federal has already indicated to my attorney that they will enforce the cross colateralization in their agreement) as well as a RV loan with Logix (also will be returned).
Our mortgage is within guidelines of the exemptions in CA so we will reaffirm and keep the home.
Obviously the number of lenders that will be IIB will make the rebuild more difficult but I can't worry too much about that right now. First things first I need to get through the paperwork for the filing.
I know that this is going to be a long road but it isn't the end of the world. Obviously I hate that it has come to this but i have long reconciled my personal guilt and am forging ahead.
