Personal Bankruptcy, am I a candidate?
admin | Mar 30, 2010 | Comments 4
05/27/ 2006 I lost my husband, I felt I had lost everything over the following days. He was my husband and my business partner. We had no insurance.
Small did I know I was just about to find out what losing everything was all about. Less than a month after he died, I had a judgement passed against me for the value of a lease we had not setteled with a second location of a business. I owe 79K on my mortgage, and two lines of credit that bring that up to 205K.
We have a large personal loan with his cousin, I have paid him 4K over the last eight months.
Our business is just paying the bills and is a corporation. I pay all my business/personal living expenses out of the corporation. There is nothing left, I have to pay the judgement of 50K off 2,500 a month. The cousin is getting pushy saying he may also make a judgement.
If I file personal bankruptcy would the money I owe on the household, personal guarantee on the business lease and the personal loan be included?
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Filed Under: Bankruptcy
If your business is incorporated, it would become a lot more complicated. Your business would be considered a separate legal entity. Which loans were used by the business and which were used by you? Your business lease and any loans to run your business would not be covered on a personal bankruptcy if your business is a legal corporation. You need to consult a bankruptcy attorney immediately to make this situation sorted out.
You cannot declare bankruptcy if you have a car or a home.
You have to sell them initially.
Geez, you can too file a bankruptcy if you have a home or a car. But I agree with the initially post, go see a BK lawyer.
You seriously should not rely on any answer you make here on Yahoo Answers for such a serious set of problems. Your issues involve not only bankruptcy but also probate. You need a lawyer who understands both and if not doable, you might need two lawyers. You need a lawyer who understands both business and personal bankruptcy issues. Find such a lawyer at:
http://www.abcworld.org
The American Board of Certification provide board certification for both business and personal bankruptcy attorneys. Find someone expert. You need expert help.
Excellent luck and please accept my sympathy on the passing of your husband.