We can't find an attorney

[justbroke]

Yes, a Chapter 13 requires "regular" income to fund the plan. Everyone prefers the speed of a Chapter 7, with the capabilities of a Chapter 13. I know that I prefer such a system. (They have this hybrid called a Chapter 20, but you don't see those too often. Chapter 7 followed by a Chapter 13.)

[desertplains]

Discuss all of this with the local attny. You have a number of options. But for the mortgage lien against the commercial building, you should not lose any assets. If the commercial building has equity, the entity (I assume it is not tiled to you) could sell it to pay off the lienholder and pay down entity debt - especially if the entity owes taxes. If there is no equity, let it go.

The MCA lenders are not taking your home. If you do nothing, they will get judgments and then they will (without domesticating the judgments in your State) wack bank accounts at big banks (Chase, WF, B of A). I tell my clients use a smaller bank like a local credit union or some obscure bank like ones you find inside big box and grocery stores. Once a bk is filed, it won't matter as the debt will be "gone".

I get your husband's concerns over the employees but if there is no money to pay the employees isn't it better to let them go so they can find other employment? Stringing them along and then not being able to pay them is not what they would want.

Again, keep us posted. Hopefully you will have some answers next week when you meet with that attny.

Des.

Des, I thank you and justbroke for your kindness and taking the time to share your exptise, I have several questions and more infor for both of you, do I respond here or start new threads?

[despritfreya]

I have several questions and more infor for both of you, do I respond here or start new threads?

If the questions relate to the topic of this thread, I would keep it here. Regardless, I would hold the questions till after you meet with the attorney. Understand. . . while bankruptcy law is a Federal law, its interpretation is subject to Case Law from the District you are in as well as local procedure and even State law. Wyoming is in the 10the Circuit. My responses (unless otherwise stated) are general in nature and based upon my experience in the 9th Circuit.

Des.

[shipo]

Thanks, I think 13 too but my husband will have no income to qualify for the repayment plan since his business is gone. That and he's older now and the sales jobs we rocked back then are few and far between. He's submitting to jobs but no bites yet.

While "ageism" is certainly a thing when it comes to looking for a new gig when you're older, it seems to be hit and miss. I was actively recruited for my last three jobs directly by the HR departments of the companies I worked/work for. The first one when I was 56, the second when I was when I was 64, and the most recent last year when I was 68. When the HR department of Google reached out to me last spring, I said, "Why do you want me? I'm old, I have no degree, and I live nearly a thousand miles from where you want me to work."

Their answer was, "If you can do the job, we'll figure something out."

Four months of interviews and negotiations later, I became a work-from-home employee.

[desertplains]

The thing will be how much personal liability remains attached to your real and personal property.

Our home, and my wedding rings basically, no clue what they are worth now after 3+ decades but they weren't that much to begin with. My truck is 2005, not that great. I have ~less than $3K in stocks/crypto, not shook about losing that.

County assessor has our market value like a lot in town, except we're not in town, not water or sewer or natural gas out here,

I'm concerned about our kids! I want to keep them in the same schools, and since husband (our) business was prominent word will travel fast in a small town.

County assessor has our market value like a lot in town, except we're not in town, not water or sewer or natural gas out here,
I think I figured out why the county has market value on our home so high now. Had an appraisal on our home when hhusband took out the generic SBA 7a loan out for collateral on the commercial building. I read about SBA loans wanting as high collatoral as possible. Maybe we can get an appraisal to prove real worth?

[justbroke]

If the value that you list on your petition is challenged, you can always provide evidence that the value is correct. A true appraisal performed by a licensed appraiser and reported in conformance with the uniform residential appraisal report will always be better than a Zillow estimate. Talk to your attorney; they may have you just get a broker's price opinion or something that doesn't cost $$$. If it comes to it, then you may need to get an appraisal. Unless you have a lot of equity, it may not even be necessary to obtain one. This is something that you'll work with your bankruptcy attorney.

As des wrote, talk to the attorney first. They're going to have a much better picture of your assets and the strategy.