Filing on Business-help???

[sherbear]

I am considering filing chapter 7 bankruptcy on my business but not sure how to do it without hurting my husbands credit. Let me know explain my situation-any comments would be appreciated.

I currently own a business that is failing due to my debt overload. I have owned the business for 3 years now. In these 3 years I have managed to rack up approx. $30,000 on my business credit cards in oreder to meet the bills each month and keep fresh inventory. This total is ading up more everyday to pay the business bills. The problem is I got my business loan at a local bank and it is secured by the business contents and about $6500 is secured by my home. I dont want to lose my home over $6500 but my husband was a co-signor on the loan(i dont have a problm turning the business contents over to them). We have no equity in our home and actually owe more for it than it is valued at due to refinancing I was doing. I am the primary card holder on both my business cards with my husband being an authorized user. I file my taxes as a sole propreitor under my ssn and am the only one listed as business owner on the license. My problem is I dont want my business failure to hurt my husband and his credit. Also, we both have cars that are paid off-can they try and take these? Please help, Im going crazy here trying to figure out what to do and how to pay the billls each month. Thanks for all our help!

[vic6string]

Anytime you are dealing with a business that leaks into your personal assets, you should speak to a lawyer. There are alot more things to look at, and alot more loopholes when dealing with a business BK than a personal, and I wouldn't go by a couple of people's past experiences. And I would make sure when you get a lawyer, you get one that does both personal and business BKs. If it is one of those cookie-cutter quicky BK lawyers who only does personal BKs, he may not be up to speed on everything involved in a business BK, which could hurt you later on.