possible bankruptcy any advice?

Anonymous · ‎01-26-2018

My partner and I have had a successful business for several years now all of a sudden everything is complicated. Due to person issues on his end he cannot do his part of the business anymore. So the income from the business slowed down. I have all the business debt in my name. I can no longer handle it. I have 10000 in cards and another 10000 in loans minimum that would need to be covered if I could find a regular loan to refinance with a long payoff term. I am now behind which means my credit is not good enough to get a loan anymore. Initially he was supposed to only be unable to work for a short time but that changed and he has left me high and dry. I really do not want to file for a banruptcy. Any solutions???

Anonymous · ‎01-26-2018

wrote:
My partner and I have had a successful business for several years now all of a sudden everything is complicated. Due to person issues on his end he cannot do his part of the business anymore. So the income from the business slowed down. I have all the business debt in my name. I can no longer handle it. I have 10000 in cards and another 10000 in loans minimum that would need to be covered if I could find a regular loan to refinance with a long payoff term. I am now behind which means my credit is not good enough to get a loan anymore. Initially he was supposed to only be unable to work for a short time but that changed and he has left me high and dry. I really do not want to file for a banruptcy. Any solutions???

How is your personal credit and what is the business?

Anonymous · ‎01-26-2018

I am scared to even look probably between 450 and 500 now. I was almost at 700 6 months ago. It's freaking me out. My only vehicle is in the businesses name with me as a cosigner. I had to trade my personal car in for a bigger vehicle for business reasons. And someone stole my 2 trucks (I know it sounds crazy but you would be surprised how often people steal vehicles here and just drive them around this small island and the cops do nothing)....the stress of all these bad things happened and has landed my partner in a really bad place healthwise.

pizza1 · ‎01-27-2018

What type of business is it? SP, Inc, LLC, Corp?

Anonymous · ‎01-27-2018

Oh, sorry. It's an S corp.

pizza1 · ‎01-29-2018

wrote:
Oh, sorry. It's an S corp.

OK, I dont think I can paste the webiste here, but if you just google "bankruptcy and S-Corp", scroll down a few, and you'll find what you need, and how the corporation is treated in regards to a BK. Good info there too... Also, Id consult with a BK attorney well versed in the BK7 vs BK11 reorganization. Most attorneys will do a free basic consult...