Well I had my first face-to-face meeting with a lawyer today. I also had a phone consultation with a lawyer last Friday. I had hoped that some of my fears would be set aside after meeting with a lawyer, but now I am more confused than ever. Here are the points on which I am frustrated/confused:
1. Whether or not we can protect my bonuses coming in next year from my company.
Lawyer A said we just had to file before they came in. Lawyer B said it didn't matter when we filed, but he suggested spending that money as soon as we get it.
2. Whether it is better to wait for the bank holding the SBA loan to get a judgement against us, then file.
Lawyer A said it was better to file sooner. Lawyer B said to let the bank actually come after us before we do anything. They both said that it is inevitable that the bank WILL sue us.
3. Whether we should put one or both of the corporations in bankruptcy as well.
Lawyer A said that it might be better to put the operating corporation in bankruptcy to protect us from any liability issues arising from ownership of the property before foreclosure. Lawyer B sees no value in putting either othe corporations in bankruptcy, but agrees that we have liability issues and that we should consider keeping liability insurance on the property ($1300 per month!).
I have a face-to-face meeting with Lawyer A tomorrow and hopefully I'll be able to hammer out some of these inconsistencies. The fact that there are inconsistencies at all makes it necessary that I find and interview a Lawyer C. I don't have time for this and I don't want to do this (whine, whine, whine).
1. Whether or not we can protect my bonuses coming in next year from my company.
Lawyer A said we just had to file before they came in. Lawyer B said it didn't matter when we filed, but he suggested spending that money as soon as we get it.
2. Whether it is better to wait for the bank holding the SBA loan to get a judgement against us, then file.
Lawyer A said it was better to file sooner. Lawyer B said to let the bank actually come after us before we do anything. They both said that it is inevitable that the bank WILL sue us.
3. Whether we should put one or both of the corporations in bankruptcy as well.
Lawyer A said that it might be better to put the operating corporation in bankruptcy to protect us from any liability issues arising from ownership of the property before foreclosure. Lawyer B sees no value in putting either othe corporations in bankruptcy, but agrees that we have liability issues and that we should consider keeping liability insurance on the property ($1300 per month!).
I have a face-to-face meeting with Lawyer A tomorrow and hopefully I'll be able to hammer out some of these inconsistencies. The fact that there are inconsistencies at all makes it necessary that I find and interview a Lawyer C. I don't have time for this and I don't want to do this (whine, whine, whine).