Opinions Needed...Regarding Spending

[Dollar Bill]

Great folks of the BK forum. Thanks for your opinions.
I found this thread almost a year ago, and am about 2 months away from filing.

I've met with numerous BK attorneys, and will retain one in particular, but my question is this:

I will file C7 due to a failed biz. (c-corp) I personlaly guaranteed many lines of credit. The economy has affected my biz severely for the past 18 mos. And its worst. The company owned a home that I recently ref'd as a last string of trying to stay above water. It will not keep me from going under.

My plan along with the BK att is to use the proceeds from a refi to pay Biz debt as if I were trying to restructure somehow. (FYI: I also pay myself separate from the corp and pay payroll taxes etc.) I will pay biz debt and pay myself until it runs out. I will hold his fees in a separate acct.

I plan to get as much distance of time as far I can from the last charge and simply just put the filing off as long as possible. I plan to get a job which I have already started. If not I will file unemployment until I get a JOB.

I plan to pay my mortgage up in advance if possible, go to the dentist etc.

I believe I am two months away.

Does anyone have an opinion on whether you'd do anything different? Maybe not pay anyone for a few more months...then pay to gain even more time to lapse.

My credit is excellent now, and it's SO SO difficult to let it go. I've been pruning it for 14 years. I'm sure many of you can understand.

My biggest question is whether I should let the really old 2-3 year old debt go, and pay mainly the newest debt?

Please let me know.

Dollar

[Dollar Bill]

Anyone?

[Ugh07]

I'm in a similar situation as you. As to your question.

Are you mainly concerned with defaulting on the refi that you just did?

[Dollar Bill]

Thanks for the reply.

I actually want the house and will have it rented shortly. I will make the payments. ($349 mo) I would like to strategically spend it. I don't want to raise any eyebrows.

Since I pay myself, I thought to spend all on myself. That would look like abuse. Especially if I hadn't paid any creditors anything.

So just trying to find the best strategy.

[Ugh07]

Interesting....company owned home so not part of your BK estate. However, what is your lawyer thinking will happen when the corp defaults on it's debts and still owns that home? The creditors could maybe try an involuntary BK on the corp

[Dollar Bill]

Well....company owned home. I had to deed it to me in order to refi it. I refi'd it and placed all proceeds in the corp account. I took over the debt in my name. I tried to max the ltv. I fall short 10k. In a declining market in TX it may be easy to keep. Trustee may not want it.

BK on the corp may happen later, if the creditors still try to pursue it.