top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Filing Chapter 11 tomorrow

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Filing Chapter 11 tomorrow

    Held on as long as I could. Any advice? Never been through this.

    #2
    Kinda vague, I am thinking this is probably going to be a spam post of some kind.

    In any event, here is what is likely to happen because it is what happens in most "chapter 11" cases.

    You will spend thousands upon thousands of dollars and months of headache and hassle. Whatever you are trying to accomplish you can't actually afford to do; and your case will eventually be converted to a chapter 7 case and you will lose whatever it is you were thinking your could protect in chapter 11. And 2 years later, you will wonder why you didn't save your money and just file chapter 7 in the first place.

    Sorry to be a downer...
    Last edited by HHM; 01-09-2011, 11:21 AM.

    Comment


      #3
      Yes, I know that is a possibility. We are a Subchapter S corp, and have always kept

      business and personal stuff separate. The attorney is charging $7500, which he says will call off the dogs for about 6 months. We are a real estate company, and those that follow our market expect it to improve in that time frame. If it does not, then I know chapter 7 is likely for another $2500. Thanks for the realism.


      Originally posted by HHM View Post
      Kinda vague, I am thinking this is probably going to be a spam post of some kind.

      In any event, here is what is likely to happen because it is what happens in most "chapter 11" cases.

      You will spend thousands upon thousands of dollars and months of headache and hassle. Whatever you are trying to accomplish you can't actually afford to do; and your case will eventually be converted to a chapter 7 case and you will lose whatever it is you were thinking your could protect in chapter 11. And 2 year later, you will wonder why you didn't save your money and just file chapter 7 in the first place.

      Sorry to be a downer...

      Comment


        #4
        Based on what you posted, not sure why you are even bothering with a chapter 11, but it's your money.

        And REALLY, you REALLY expect the real estate market to turn around in 6 months...hey, I got a couple bridges in Africa to sell you

        (don't take it personally, nothing wrong with a little humor).

        Comment

        bottom Ad Widget

        Collapse
        Working...
        X