Hello everyone, just discovered this forum tonight. Very happy I have.
A little background on myself and situation.
My brother and myself own a small business. It was started 3 years ago, but I replaced the original owner over a year ago. We have struggled ever since, but have continued to fight to keep the business open and everything current. Well we have hit about rock bottom, but remain current with everybody.
We have talked to our accountants and attorney about the business and are planning to close in the next month (one way or another). Our attorney recommended us to a bankruptcy firm, and we meet with them monday. It still doesn't keep my mind from running 100 miles an hour. My brother and myself have accepted that chap 7 will not kill us (we are younger, no families, and have time to rebuild).
I wanted to get everyones opinion on what the bankruptcy attorney may say. Here's where we stand
50K secured business loan (secured with equipment worth about 15k now)
35k left on lease term
2-5k unsecured with business related companies
7k on unsecured business credit card
36k on unsecured personal credit cards between us
Both have average only 750-1250/month in income over the past year with the business
Cashed 401ks, sold home...etc to survive. No assests left at all.
Any advise would be great - Would chap 7 be the route (would we qualify)..etc.
Thank you, just looking for some sense before we meet with the attorney.
A little background on myself and situation.
My brother and myself own a small business. It was started 3 years ago, but I replaced the original owner over a year ago. We have struggled ever since, but have continued to fight to keep the business open and everything current. Well we have hit about rock bottom, but remain current with everybody.
We have talked to our accountants and attorney about the business and are planning to close in the next month (one way or another). Our attorney recommended us to a bankruptcy firm, and we meet with them monday. It still doesn't keep my mind from running 100 miles an hour. My brother and myself have accepted that chap 7 will not kill us (we are younger, no families, and have time to rebuild).
I wanted to get everyones opinion on what the bankruptcy attorney may say. Here's where we stand
50K secured business loan (secured with equipment worth about 15k now)
35k left on lease term
2-5k unsecured with business related companies
7k on unsecured business credit card
36k on unsecured personal credit cards between us
Both have average only 750-1250/month in income over the past year with the business
Cashed 401ks, sold home...etc to survive. No assests left at all.
Any advise would be great - Would chap 7 be the route (would we qualify)..etc.
Thank you, just looking for some sense before we meet with the attorney.
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