Now I'm baffled

[moose568]

Went to the lawyer today to talk about ch13. I live in Ohio and own a failing store with $105,000 in a SBA loan and three years left on a lease($90,000). I was under the empression that when you file Corp. & personnal that the lease would dissapear. My laywer said No, and that he could get the lease down to 50 cents on the dollar. Hell, it would be cheaper to sell my store for $1 so I could get out of my lease.

[lrprn]

Went to the lawyer today to talk about ch13. I live in Ohio and own a failing store with $105,000 in a SBA loan and three years left on a lease($90,000). I was under the empression that when you file Corp. & personnal that the lease would dissapear. My laywer said No, and that he could get the lease down to 50 cents on the dollar. Hell, it would be cheaper to sell my store for $1 so I could get out of my lease.

Most of our knowledgeable posters here know a great deal about personal bankruptcy but unfortunately not as much about small business bankruptcy. Hopefully one of our members who has filed both personal and small business Ch 7 bankruptcy may have some insights for you.

Is your store a corporation, a limited liability company, an S-corporation, a partnership, or a proprietorship?

[HHM]

How is the business owned, exactly...is it a sole proprietorship, corporation, limited liability company, etc? The reason I ask is the corporation entities (and LLC's) cannot file chapter 13 BK's. Only an "individual" can file a chapter 13.