Advice? 22 filing bankruptcy.

[ChaserRu]

Hello,
I currently have 3 homes in foreclosure. I have my personal residence on contract. I just paid a $3500 down payment about a month ago. I was trying to get back on track and now I just realize bankruptcy is nearly my only option, as well as the way to the fastest recovery. I have about $20-$30k in unsecured debt(utility bills, credit cards, etc). I am afraid of what could happen with me just putting up that down payment, though.

I was self employed as a real estate agent, as well as fixed up and did some rentals. Too many things went bad at once and it was just a downward spiral. I stopped that career of 3 years in January. I went back to school full time as well as took over a small t-shirt shop. I make basically enough to cover my bills now and not much more. I've downsized everything, and have a couple of roommates as well.

I am a bit confused and my attorney gave me a form to fill out but I am afraid of showing making too much money. I know I do not make much but it is very confusing with my P&L statement for the shirt shop as I have lots of transfers coming in and out of my bank account from a family member as we have had to share money frequently. It always balances out. I also frequently have a float in there of $1k-$3k so I am able to front the money to purchase my clothing to resale. I have about $10-$15k equity in my home as well. My vehicle is worth only about $1000. I have not yet completed my 2006 taxes, but will owe $5-$10k. I also owe $5k from 2005.

I also have $10k in fines / civil penalties from the city regarding my old rentals and renters having some issues but I was told bankruptcy won't cover that.

Any tips?

Thanks guys.

[JRScott]

Hopefully some of the folks more involved with business filings will come along and help out

However:

You will not be able to discharge the fines as someone told you.
You will not be able to discharge the back taxes (Only taxes older than 3 years can be discharged and even then only in extraordinary circumstances).

That brings us back to what you have.

What state do you live in?

Have you considered short selling any of the current properties in foreclosure?

I would stop sharing your account with a relative, that's just going to complicate things.

You need to make 3-4 appointments with BK lawyers in your area. Preferably some with business bankruptcy experience.

Keep asking questions some folks here have been in real estate and have been in bankruptcy, hopefully one of them comes by with more advice

[Boscoe]

If your total debt (including primary residence mtg loans, car loans and the estimated shortfall for any investment properties, and of course, credit card and any other unsecured debt) is at least 51% business related, then you can file a chapter 7 even if your income is above the median.

What state are you in and what is your approx. income for the last year? If it is not steady, then what was it the last 6 months?