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High Household Income - Chapter 7 Non-Consumer

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    #1

    High Household Income - Chapter 7 Non-Consumer

    Hi, I recently had a business fail and am left with $600k in personally guaranteed business debt. We have almost no personal debt. My wife makes $350k a year, we live in NYC, and have a child on the way.

    All lawyers keep pushing us to Chapter 13, simply because of the household income.

    Has anyone here successfully discharged business debt in a non-consumer filing as a high earner? Did you show any excess monthly income on your income/expense sheet?
    Tags: None
    #2
    Welcome to BKForum. I have, but my income was half your wife's income at the time. Actually, I first filed Chapter 13 to save investment property but after about 24 months, converted to Chapter 7 as a non-consumer. I was paying over $7,000/month into the plan. I learned that it was not worth it trying to keep the property so did the conversion.

    You may need to shop around further for an attorney that will feel comfortable defending a non-consumer Chapter 7. I don't know if you talked to two or three attorneys, but you may need to double or triple your search.

    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 your attorney. Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment

      #3
      See also...

      Chapter 7 Non-Consumer Filing - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections
      https://www.bkforum.com/forum/before-the-discharge/chapter-7/1026706-chapter-7-non-consumer-filing
      Hello All, I am trying to wrap my head around my case as I am about to file (as of now Wednesday 5/19) and want to share the specifics to get some general feedback. I have 278K in debt. This debt is spread across credit cards, personal loans, vehicle debt, and student loans as follows: Personal Loan: $118k Vehicle Loan: $56k


      High Income Earner & Business Debt - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections
      https://www.bkforum.com/forum/before-the-discharge/general-bankruptcy-talk/1038500-high-income-earner-business-debt
      My husband and I both work full time. We make around $240k gross together, we have 3 kids. We have $300k in unsecured debt. Yes in credit cards and unsecured loans, $300,000. This began many years back we’ve paid it down and then it creeps right back up and we are in a vicious cycle. We also own a small brick and mortar


      Chapter 7 Means Test Exempt due to Business Debt - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections
      https://www.bkforum.com/forum/before-the-discharge/small-business-investment-real-estate/1038105-chapter-7-means-test-exempt-due-to-business-debt
      Hi, I am curious if anyone has personal experience with this - utilizing a Chapter 7 vs a Chapter 13 because over 50% of debt is business debt. Is this possible or a common option? Long story short, my mid sized business has failed and has over $1 million in personally guaranteed debt which is more than all consumer debt


      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 your attorney. Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

      Comment

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