A little help please?

[copaaz]

My wife and I are contemplating bankruptcy. We are really uncertain what to do. A little about our situation:

I'm a business owner and my wife works. Our business took off and we were doing really well...bought a new car...got into a much bigger home. Over the past 8-12 months my business has seen over 50% decrease in sales volume. Needless to say we are not doing so well. I am multiple month behind on many business bills just to stay in the house. Now we are flirting with not being able to make our mortgage. We really want to stay in the house as a first priority. If you can help please respond.

Thank you!

Ron

[rfassett]

We will need a lot more details to help. What type of entity is the business? What kind of debt does the business owe? What kind of debt do you have personally? etc., etc. If there is the will, there will be a way - we just need to find it!

[justplaintired]

You can stay in the house in a C13 if you are behind and if you are current and pass the means test you can stay in the house in a C7.

I am gathering your business is dragging you down, and if so, I would assume you will file on the business. Is it possible to stay in the house on your current income without the business? There are alot of things that go into a BK and without furthur info it's hard to tell which way you can go. Like what is your median income? How much equity in the house?

[Phillymanhere]

I'll give you the standard response here: schedule a consultation with 3 to 5 bk lawyers in your area and run your situation by them. These meetings will help you sort through your thinking and your options. And they are free.

Also, you can look through old threads. There are many many business owners who have posted on this site, including some in your exact situation.

good luck.