I have a business partner that is fighting the BR. He states that I do not have the right to file for Busness CH 7 because my debt is not all business debt. I am really frustrated as he is/was a friend, and we have mutual freinds. Well my wife and I have been avoiding our frinds for over 6 months to avoid confrontation. My question is what is considered the "magic" percentage of business debt. I have $25,000 in CC in which $5,000 is personnal (mostly because most money we made at our job went in the busness to keep it going). I owe the SBA loan $30,000, landloard $3,000, investors $5,000, and the other owner $5,000. I just had to add another 30 days to my discharge date because of a dispute by other owner, and now it will be a total of over 8 months to find out an answer Nov. 18-July 21 (very hard to deal with mentally). I just got married 11 months ago, and I feel like what a terrible thing to put her through. What would happen if it is discharged? Has anyone had a similar situation they have gone through? Please help anyone!
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Can anyone help with Business Ch. 7?
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Can anyone help with Business Ch. 7?
Last edited by Cubs in '08; 06-24-2008, 07:24 PM.Filed March 18 2008:blush2: Date for discharge or objection June 20 :dry:
Discharge letter June 26:yahoo:then revoked:aggress:
Motion granted to move date for objection to July 21 by former business partner :cry:
Discharged 8-30-08:yahoo:Tags: None
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In all the debts you have, including car loans and your home, the ratio must
be over 50% business debts. Unfortunately your personal CC aren't going to count for the business debts even if they were used for the business. You can try but it's going to be very hard to separate. But the business debt equation really only matters if you make more than the state mean for income and want to file a chapter 7 instead of the 13. If you're under the mean there is no difference between business and personal they will both do the same thing.
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Have a pledge on wife's house title.
I am not on my wife's house loan, but I am on the title. My lawyer forgot to put this down, and that is the main reason that owner is disputing. I signed amendment today to add it. This must be why he is disputing. He has also liquidated all of the business since March when I filed. I think he may be trying to get my number less than 50%. With the house I would not qualify for business, and I would not pass the means test with an income of $39,000. Any advice?Filed March 18 2008:blush2: Date for discharge or objection June 20 :dry:
Discharge letter June 26:yahoo:then revoked:aggress:
Motion granted to move date for objection to July 21 by former business partner :cry:
Discharged 8-30-08:yahoo:
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