Fear of filing because of debt (MA)

[Fearoffiling]

Hi all,

I am about 68K in the hole. I have an LLC that produces no money but I also owe money to creditors because I opened some cards too in the past under it. It’s about 16K debt. I haven’t paid my cards in 6-8 months. The LLC debt on one card at least I took out 7-8K and gambled the money away and made no payments towards it which I read online is a big no no. Now I am worried but I barely make anymore income to cover any credit cards. Should I at least pay off the LLC debt before I file for my personal bankruptcy? I know it was a stupid choice and I regret it. I am being treated for my issues. I am just so afraid of being in trouble.

[justbroke]

Welcome to BKForum.

Don't be afraid of filing. You have to come to terms with what you have done. The first thing is that you 100% need to give up gambling before filing. Bankruptcy will never fix a gambling addiction. If you are truly addicted to gambling then you should self-exclude yourself from casinos immediately.

Next, take a breath. Contact 3-5 local bankruptcy attorneys and walk them through your issues. The creditor for the business card may or may not seek to make that nondischargeble because you spent money on non-business purposes. But, the bankruptcy discharge is otherwise pretty powerful.

So, that's stop gambling immediately and seek an attorney. We have seen everything. They have seen even more.

[Fearoffiling]

Welcome to BKForum.

Don't be afraid of filing. You have to come to terms with what you have done. The first thing is that you 100% need to give up gambling before filing. Bankruptcy will never fix a gambling addiction. If you are truly addicted to gambling then you should self-exclude yourself from casinos immediately.

Next, take a breath. Contact 3-5 local bankruptcy attorneys and walk them through your issues. The creditor for the business card may or may not seek to make that nondischargeble because you spent money on non-business purposes. But, the bankruptcy discharge is otherwise pretty powerful.

So, that's stop gambling immediately and seek an attorney. We have seen everything. They have seen even more.

Thank you for your words. I appreciate it. The one business card is about 11k now with fees and they offered to settle for 4k in monthly payments which I may able to do. Do you think this could cause problems if I settled on this?

[despritfreya]

At this time do not think about settling. As JB stated talk to several attorneys. Make no decisions until you do.

Des.