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A somewhat strange development

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  • A somewhat strange development

    I'm summarize since I'm new and some aren't familiar with my previous posts.

    I will be filing Chapter 7 in late June. The reason I am filing is that I have a lot of credit card debt and other debt associated with my business. I used credit to prop up my business during the downturn and hoped things would get better. I just can't go on any longer.... at least I thought until yesterday.

    One of my big debts is $35,000 to my landlord. This is an accumulation of being behind over a course of about 10 months. They have never made an effort to collect, or written me nasty letters, or attempted to sue. I have been there since 1978. Perhaps they hoped I could eek it out too.

    My lease is up May31st. I tried to work out something with them, but they are so darn slow. I even facilitated a meeting with one of my employees with them who thought she might like to take over the space. They again were so slow in responding that she has backed out.

    So finally they emailed yesterday and said they would wipe out my past rent, and lower my rent! Crazy. I still don't know that I could hang on without wiping out my other debts though. It had been my plan to do personal Chapter 7, walk away from the S-corp and be done with it.

    Now, finally to my question. Could I possibly do a personal BK and not close my business? 98% of my credit card debt is business related. No luxuries of any kind. I kind of think that wouldn't be an option, but my business is my life's work and if there is a glimmer of hope......

  • #2
    Originally posted by RuthCB View Post
    Could I possibly do a personal BK and not close my business? 98% of my credit card debt is business related. No luxuries of any kind. I kind of think that wouldn't be an option, but my business is my life's work and if there is a glimmer of hope......
    Your S-Corp is going to be an asset. If it has value, the trustee is going to want to sell it. Perhaps you could buy it back?

    Yes, it is possible for an S-Corp to survive personal bk. I'm living proof of that. It did take proper planning however to make it happen.
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

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    • #3
      My S Corp survived as well. As Frogger said, it took a lot of thought, planning, and research. Also, my business does not have a storefront or maintain inventory. It is a purely personal talent type of business.

      I don't know how you would proceed with a retail business, but I imagine it could be possible. If there are no A/R, and no equity or little equity, the trustee may have more reasons to abandon it than to try to sell it. A good lawyer will be vital.
      11-20-09-- Filed Chapter 7
      12-23-09-- 341 Meeting-Early Christmas Gift?
      3-9-10--Discharged

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