I had to file ch13 personal last year due to excessive credit card debt. Which my business had about 20% of the debt that was in the ch13 personal. I was told by my lawyer if I wanted to get rid of the business debt I’d have to put it in the lenders of the ch13 which I had to do anyways cause the business credit cards had my name on them also.
well fast forward a couple of months after filing ch13 personal, A lender OnDeck which was listed on my personal ch13 now has a lien on my business assets. Apparently the loan was secured if I were to default. They want their money back as well as Two Amex cards I had for the business. Totaling an amount I can no way pay back right now. I also had cards with, boa, citi and chase for business. But they haven’t contacted me. My lawyer said I could extend my ch13 payment plan to include the ondeck loan to pay them in full. But with Amex and fear of the other creditors going after my business I either have to dissolve the business corporation and start a new one with a new name which I don’t want to do because my business is all of my living income and don’t want to start all over since I have many loyal clients they know the name. Or I can file ch 11 for the business. What should I do??
sorry for the long post...
