Looking for some LLC/Personal Credit advice

[LLCproblems]

Hi!
My name is John and I have a wife (homemaker) and 2 kids (4,11). I sell cars for a living and have a Real Estate LLC on the side. I have gone from making $150K+/yr to $90K or so this year on the car side and now I can't get financing for properties in the LLC.

Anyway, I have been drawing money out of my 401K (changed job) to pay bills and after watching my
401K shrink down every day, I pulled and paid $48K cash for a $85-90K property and now (due to the lending freeze) can't do a cash out re-fi to access my money (even though I was "pre-approved" at 2 lenders.)

I have also have credit card debt $70-75K. Most of these are "Business" credit cards. Of course, I had to personally sign for them for the LLC though.

Questions?
1.) I have perfect credit and have never had a delinquency. Do I have to wait until I am behind on everything to file BK? There is no way I am going to be able to make it, unless they start lending on properties or the car market takes a drastic swing. I have depleted my savings and 401K proceeds and am wondering how I am going to have enough to pay next months bills.

2.) What happens to the free & clear property that is in my personal name, not LLC? It makes $1190/mo before expenses.

3.) Since the LLC is protected from personal assets, could I file BK on the "Business" credit cards and not affect my personal credit?


Thanks!
John

[StartingOver08]

LLCProblems, check with your attorney. I have a PA (similar to an LLC) and similar debt (filed on just over 1 M). When the funds dried up it was a very short 3 months until I filed PERSONAL BK.

Had to file personal because the debt was a combination of business and personal, but all the business debt was personally guaranteed.

Had to provide ALL ACCT'S REC to the Trustee as of the file date. In other words, all A/R that was earned but not paid as of the file date belongs to the trustee 100% (no deductions even for business expenses that generate that AR). The reasoning is this: I own the corp (PA), that is an asset and the trustee gets assets. The house you own F&C most likely will have to go to the trustee if you file a CH 7.

Anything earned after the file date is mine. However, the debt of the corp is not discharged! Just the personal guarantee portion is discharged.

Check with your attorney.