For a variety of reasons I find myself in a pretty hairy financial situation and am considering bankruptcy. I'm early 50s, and do not own a home I am a renter. I have two financed cars, one for me and one for my son. I have another car paid in full for my daughter. I have approximately $180k in unsecred debt to Chase, Amex, Citi, and a handful of others. About 50% of that is "business" credit cards. Of those, around 50% is in cards issued with me as sole prop as the biz, and the other 50% is in the name of an LLC I have which is an S corp. I earn low 6 figures, indeed my annual income is around the same as my debt level. I am divorced and need to pay alimony for another year before that ends.
I have so many questions I don't know where to even begin. I guess first off I assume Chapter 13 is the only option given my income?
Second, I did have one Barclays business card that went severely deliquent. Before they charged it off I asked for a settlement and agreed to pay them 20% to settle. We did that and it never reported on my credit. I am curious if doing that is a strategy with the 50% of my debt that is considered business debt?
And then I am just trying to determine my best overall strategy. While the debt is of course my fault, I don't particuraly care for any of these financial institutions, and I want to come up with a plan that lets me get myself straightened out and protects me and my family, not the shareholders of large finanical institutions. In other words, I want something that sees me paying the least amount I can get away with to walk away.
Thoughts?
