Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

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Things you agree not to post:
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The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

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By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
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Need your help

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  • Need your help

    Hey All

    I found this site while googling my options!

    Started a business in 2015 with my wife. Business was sold to another company financially but not legally in 2017. We got a cash payout but after a month we realized we grossly undervalued what we owed to vendors, suppliers and banks. Which essentially put us on The hook for 150k more than we received. We put ever nickel we had into the business. So we maxed out CC to cover debts. Two months later we covered the debts for suppliers and customers , but now owe money to CC and capital company ( more on this shortly)

    Owe 45k to capital company (personally guaranteed). But currently in month 3 of working with a debt consolidation company to alleviate the debt to a more manageable payment ( 1k a day). To (5k a month)

    Have roughly 65k in CC debt ( stopped paying in august)
    Have 21k in PayPal credit debt/loan debt

    *****All of this debt is my name******

    I'm married. None of these debts are in my wife's name.

    My my wife owns our townhouse (bought in 2006, in her name before we met) We have about 15k in equity. Bought at the peak....

    We have loans on two vehicles in both names

    I'm paid commission, making about 350k a year. But not guaranteed any of it unless I sell.

    My wife is working for Cash (about 4K a month)

    We don't have the money to pay off creditors today. Will we in 6 months? A year? Yes likely.

    My question is what do we do. I use to think Bankruptcy was for the weak, and that you should pay off your debts no matter what. I also have realized that shit happens.

    Do I try and work with creditors and get payment plans?
    Can I file for bankruptcy and protect my wife's credit?

    I'm fortunate where I make a lot of money so dealing w/o credit is fine. But getting hit with all this obligations at once is a bit overwhelming.

    I dont thjnk bankruptcy is the option, but I also need help in alleviating all this debt in the short term so i can pay it off.

    Thank you for listening and thank you for your responses in advance.

  • #2
    We don't hear about many successes in debt management programs. You could try to negotiate, but understand that the credit card companies aren't likely to do much if they think you have income or assets they can collect against. Getting settlements is hard even for people with little income and assets. My understanding is that settling debt is as bad on your credit as filing BK.

    A Chapter 13 could be exactly what you need. It would give you some breathing room to pay off your debt at a rate you can afford. But, because it sounds like your debt is mostly business debt, you may be able to get a Chap 7 discharge even though your income is high.

    If you are not in a community property state and your debt is not joint debt, your BK will not affect your wife's credit.

    I suggest you consult with a couple of BK attorneys experienced in both consumer BK and non consumer Chap 7 BK.

    If you are going to make the right decisions, you need to get over your notions about bankruptcy. Filing bankruptcy is a business decision that strong and honorable people make when shit happens. Did you know that Henry Ford filed for bankruptcy before making Ford Motors a success?
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


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