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Me and my company!

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    Me and my company!

    This forum has been great for my stress level. I have my first phone consultation with an attorney tomorrow and thanks to you all--I feel pretty prepared with my documents and questions.

    DH and I are officers and the only stockholders in our corporation--a campground. Business declined with the recession. In January of 2009 a lot of our customers were late on their recurring billing and we were late on cc payments. They all raised the interest, lowered the limits and cut us off. We struggled, made payment arrangements, got some interest lowered, and went thru the year on cash--sold some assets, etc.

    We went into the winter (slower season) with just enough....until 2 rock slides blocked 2 of the major highways bringing traffic into our area. Now, 5 months later the slides are still blocking the highways and our business is off 80%. No government bailouts here. Selling what we can...but it's not enough. We're 30 days on most cards...60 on a couple.

    I understand that we'll probably have to go Chap 7 because of the corporation. And that it will have to be dissolved....but does that mean we have to go out of business? The property is mortgaged in our names...the campground pays us rent. The corp. only has a few assets...couple of computers and printers, lawn mower, golf cart, the cabin we live in. All of the cc's have personal guarantees.

    We want to keep the property...but will they let us? Chapter 11 seems very expensive and is out of our reach...The rock slides will be cleared in about 30 days....and we should have plenty of cash by mid-May. Can we skate with the cc companies another 60 days? Heck I don't even have the money to pay my accountant to do the taxes right now...planning to file an extension.
    Filed Chapter 13 4/14/10
    341 Scheduled for 5/26/10
    Plan Confirmed 9/17/10

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