needin' some serious advice

hey all,

i've been reading on this forum all day and there is some great info. now hopefully you all can answer a few questions about my scenario.

my ex gf and i had a business that came to a horrible end about a year ago or so. we made quite a bit of money in a short period of time and also sank that money back into the business. when it ended the company we were doing business with basically defrauded us and took our money. we had business money, credit card money, and heloc money all tied into this biz.

well fast forward a while and we're broken up and fighting a legal battle. because of the high carrying costs of the business debt, i've been using my credit cards to basically live on.

i have about 100k of debt on personal cards, and about 235k worth of debt from a heloc i took out of my mom's house (although i'm not on paper, i own 1/3 of the place.)

i'm a self employed handyman who's work is up and down...more down in the current market. i did this work when we had the other business too.

my credit is just about out. i'm awaiting to go to trial which is coming up very soon. i've started missing payments on some of my cards since i'm running out. i figure a month and i'll be tapped.

i'm needing some strategic advice about how to go about all of this. i CANNOT miss the heloc payment ($1,000) to my mom's house. but how can i make that payment and not pay the credit cards? i know that will look funny when i file and someone examines my finances.

when my ex and i split i let her use my car which has just recently been paid off. it's worth about 6k. i imagine it will be taken in the bk? i have a beater work truck worth about 2k or less, and a beater civic i bought for 2k.

i'm losing some serious sleep over all of this. i'm not sure if we'll win our lawsuit so i'm preparing for the worst. but one thing is i cannot bail out of that heloc payment no matter what.

any advice out there for me?

thanks!

Whenever you have a business situation involved with bad financial issues and other complications (i.e., your ex-girlfriend) involving personal issues, you need some serious legal advice. I would highly suggest getting several free consultations with a reputable BK attorney in your State to go over your situation and advise you exactly where you stand. It will only get worse.

Does heloc = Home equity line of credit?

Does heloc = Home equity line of credit?
Yes :)

OP, I agree, you need to see a lawyer! Good luck to you.

If the Heloc was in your name it wouldn'd be an issue to pay it but not cc's. Being in your mother's name its an issue. Run not walk to see some lawyers.

thanks for the answers.

one more thing, it was our business but it was never really "official." we never got around to setting it up as an llc, or corporation. not sure if that will change anything.

i will definitely go see a lawyer stat. does anyone have recommendations for a good lawyer in the bay area?

thanks!

Get those darts and board out..finding a good BK is a crap shoot..Maybe someone on here will PM you with a name of someone they like in your area. I went to 7 attorneys, hired one fired him before he did anything...lost money. Met another that I liked and he was so expensive but he didnt call back when he said he would ( after he made a point of telling me he was very 'big' on follow thrus). Made me uncomfortable since the first one never called me back at all...
Went to a few more that really didnt help me. Then someone on here was kind enought to PM with a name of a guy that he liked. I'll probably go with him I really liked him alot. I would still go to a few more if I had any other names just to be 10000% sure. Its a big decision. I have asked someone else on here who they used since they loved their guy and they were in my area but they refused to tell me..So hopefully someone will be kind enough to help you...I would if I knew someone. Were all in the same boat here.. Good luck but please go see a ton and be sooooo sure.