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

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Trying to help my dad

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  • Trying to help my dad


    I'm hoping someone here could help with this complicated situation my father is in. He lives in Florida and owns his own business. He has been having financial issues for years. The point has come where he needs to file for personal and commercial bankruptcy.

    He has obtained a free consultation already, but has not hired an attorney yet. He has a lot of questions and doesn't seem to know what to do. To top it all, he has suffered from major depression for most of his life so that clouds his decision making. Here are some questions I'm hoping someone could help with

    The attorney from the free consultation said he can't file for personal and commercial bankruptcy at the same time and that it takes at least 3 months for one bankruptcy to be completed. Is this true? Based on this, he is thinking about filing for personal bankruptcy first. Does this seem right?

    He has struggled for a long time and has obtained financial assistance from friends and family. He is technically to date on all his personal and commercial bills because friends and family have loaned him money (which he would really like to pay back once he is back on his feet). His business is not doing well at all and he just can't pay bills anymore without asking for more money (which he doesn't want to do). The attorney told him he needs to be behind on his bills before filing for bankruptcy. Is this true? If so, for how many months?

    He has no assets except for some equity on his home. Can creditors put a lien on his home because he has a little bit of equity? I read there is something called a Declaration of Homestead (separate form a homestead exemption) which provides lien protection. Is this true?

    If he does personal bankruptcy first and then commercial, can the commercial creditors go after him even though he has no assets except the small amount of home equity?

    I apologize for all the questions. I am just trying to help him get some answers. Thank you in advance for any suggestions you may have.


    Do you need to be behind on your bills to file for bankruptcy?

    Is it better to file personal or commercial bankruptcy first?

    In Florida, can unsecured debt potentially cause a lien to be placed on your homestead?

    Thank you.

  • #2
    Originally posted by Limestone View Post
    The part that I read, so I don't make an emotional response.

    Originally posted by Limestone View Post
    Do you need to be behind on your bills to file for bankruptcy?
    No. There is nothing in the code that says you need to be behind in bills. You just need to be insolvent (meaning your assets are not enough to cover your liabilities).

    Originally posted by Limestone View Post
    Is it better to file personal or commercial bankruptcy first?
    (Now I had to go read the whole thing...) I can't tell you which to do first or second. You can certainly do both at the same time, but these are two different bankruptcies. Please understand that a "business" (commercial) bankruptcy is either a liquidation or a reorganization. it reads as though you would do a liquidation (shut down the business). The personal bankruptcy can be a Chapter 7 liquidation as well. If the debtor has personal guarantees in the "business" then they will not only discharge those personal guarantees in the Chapter 7, they may be able to do a non-consumer personal bankruptcy (no means test). Personally, I may want to liquidate the business first, and then file personal bankruptcy. The strategy may be important.

    Originally posted by Limestone View Post
    In Florida, can unsecured debt potentially cause a lien to be placed on your homestead?
    You cannot place a non-consensual lien on a home (except certain mechanics liens). Unless you pledged your home as collateral, a creditor cannot attach to the home or the homes equity in Florida (because Florida has an unlimited homestead exemption). Now, if you were in business you need to be careful that you didn't pledge your home and other personal property. SBA loans and other business loans may have asked for a consensual lien on the home... which would not be dischargeable.

    You need to shop around to some attorneys that deal with business bankruptcy and can also handle the personal side. You should set up free consultations with at least 5 attorneys. The first question should be if they do business bankruptcies!

    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Where are you living? If you are in Florida, that is very helpful.

      Next, do you have a Durable Family Power of Attorney for your Dad? If you don't, you need to get one immediately. This will enable you to handle his affairs, if God forbids, he becomes disabled due to stroke or some other medical matter. Severe depression can become that medical matter. Please let us know the status of that.

      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."


      • #4
        Originally posted by fleurett45
        ... moderator banned user... post redacted
        Are you suggesting someone contact a psychic to find a resolution to depression as well as figure out why this individual landed in the financial situation they are currently in?
        Last edited by justbroke; 02-16-2018, 10:35 AM. Reason: redacted posting of quoted banned user
        Filed Chapter 7 - December 2016
        341 Meeting - Jan 2017 (Made the trustee laugh)
        Expected Discharge Date - March 2017


        • #5
          Originally posted by notafrog View Post

          are you suggesting someone contact a psychic to find a resolution to depression as well as figure out why this individual landed in the financial situation they are currently in?


          • #6
            Originally posted by fleurett45
            ... moderator banned user... post redacted
            I'm seeing a ban from the site in your future.
            Last edited by justbroke; 02-16-2018, 10:34 AM. Reason: redacted posting of quoted banned user


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