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Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

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Just close or file?

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  • Just close or file?

    Hi everyone,
    I have not posted in a long time.

    Here is my situation in a nutshell.

    I own a business (sole prop) was hurt by recession, real estate and some bad choices like most people in this forum.

    I stopped paying my CC in early 2009. I am current on my mortgage although my house is upside down.

    I was about to file BK since 4 lawsuit were filed against me when, given the rulings on NAF and the arbitration clause in the CC agreements, I tried to go the "fight them" road. I did that mainly to buy time for my biz to get better and have better visibility.
    Like the most experienced posters always say, once you played the Ch 7 card you can't play it again for a while and you better have your ducks in a row.

    Anyway:
    After sending arbitration election and C&D letters and answering to lawsuit with Motions to Compel arbitration here is my situation.

    3 lawsuits have been dismissed
    1 is soon to be dismissed
    1 account (BofA) was settled at 6% ($17k balance)
    10 accounts are silent (no calls, no letters, nothing since last September)

    At this point I am seriously thinking of NOT filing BK and wait for the SOL, which is only 12 months away for some of the debts.

    Here is the catch:
    1) My business and the economy in my sector is not getting any better. I have some debts to 3 overseas vendors (small businesses, artisans).
    Q) What is if I just close the sole prop, liquidate the inventory and offer a small settlement? Anyone went this route successfully?

    2) I have a second job and in August I may start making more money. Potentially, but not certainly, pushing me in a CH 13. July 10th- July 15th looks like a sweet time to file to get a Ch 7.
    Q) Anyone here successfully negotiated a cramdown of a second with BofA in a Ch 7.... or better yet obtained a lien strip in a Ch 7??

    Thanks and good luck everyone!

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