I did a phone consulatation with a lawyer today (recommeded by a BK Forum user!). He was very positive about our situation. He said we were "poster children" for bankruptcy.
1. We automatically qualify for a Chapter 7 bankruptcy because our business debt exceeds our personal debt by more than 50%. We are not required to pass the means test. We have no income limit, so DH can get a job right away.
2. He suggested that we simply file before my bonuses come through next year thereby cutting any worry that they would get that money.
3. Even though we'd be filing before all our credit card charges have cleared 90 days, he doesn't think that's enough reason to wait to file. We will just have to accept responsibility for the charges that are less than 90 days old. Since we will probably file in January or February, that won't amount to much at all.
4. The only slightly bad thing is that DH has some cash in his savings account that we will have to spend before we file. The lawyer said, "Do you have any home improvements you need to do?" Heh. It will KILL DH to spend that money, but oh well.
5. We may have to file bankruptcy on one of the corporations to protect ourselves from lawsuits that could arise to accidents that happen on the property after we walk away, but he doesn't think that's a big deal.
We have a meeting with him on Tuesday, and I have another consultation with a different attorney on Monday, but based on the recommendation and our conversation today, we will probably be going with this guy.
I'll keep you updated as new things come to pass.
1. We automatically qualify for a Chapter 7 bankruptcy because our business debt exceeds our personal debt by more than 50%. We are not required to pass the means test. We have no income limit, so DH can get a job right away.
2. He suggested that we simply file before my bonuses come through next year thereby cutting any worry that they would get that money.
3. Even though we'd be filing before all our credit card charges have cleared 90 days, he doesn't think that's enough reason to wait to file. We will just have to accept responsibility for the charges that are less than 90 days old. Since we will probably file in January or February, that won't amount to much at all.
4. The only slightly bad thing is that DH has some cash in his savings account that we will have to spend before we file. The lawyer said, "Do you have any home improvements you need to do?" Heh. It will KILL DH to spend that money, but oh well.
5. We may have to file bankruptcy on one of the corporations to protect ourselves from lawsuits that could arise to accidents that happen on the property after we walk away, but he doesn't think that's a big deal.
We have a meeting with him on Tuesday, and I have another consultation with a different attorney on Monday, but based on the recommendation and our conversation today, we will probably be going with this guy.
I'll keep you updated as new things come to pass.
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