Hello all, I appreciate all the input on these forums and would like some opinions on filing chapter 7... I'm currently in a liquidity bind post-divorce & losing my business and owe approx $140k on credit cards (Citi, BofA, Chase, Cap One, local CU's) I have good payment history, just high balances with many of the cards being maxed out. My credit is perfect other than high utilization. I have the option to sell a business asset (one that would be exempt in a personal BK) and pay-off the cards but would be left with no cash. I also have judgments against me from personally guaranteed business loans in the $300k range. Being they don't report to my credit, the judgments don't affect me other than if I was to try and get a mortgage (which I would like to do eventually). Should I file chapter 7, sell the business asset and start clean with $150k in the bank while I rebuild my credit or sell the asset, pay-off my cards and be broke with judgements but an 800 credit score and many lines of credit?
