New to Forum. Business failed. $500k in SBA loan--Professional Corporation, but personally guaranteed. Also $30k in back rent and CAM also personally guaranteed. Another $70 in personal credit card debt. Have job with good income. But what to do with $600k in debt?? Please help.
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Looks like over half your debt is non consumer so, you're exempt from means testing.
Since you've posted on a bk forum I assume bk is a viable option.
Most bk lawyers give free or lowcost initial consultations. Speak with a few and get your options explained.
If you post back here, some details will help. Your state, the amount of equity {if any in a home} your income, family size,etc. -
Colorado. Income is $140,000 to 200,000 depending how hard I work (70 hours a week for the upper amount). Equity in home is probably 20k. Wife and 4 kids. Thanks for the advice.Comment
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So, since no means test, does that mean I can go with Chapter 7? Can I go this alone without attorney? Just finished a very expensive arbitration (still paying the attorney back), so I'm a little tired of paying for legal. I think the landlord if about to sue me, so I probably need to get moving.Comment
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When deciding if my non-consumer debt is greater than consumer debt, do I include student loans in consumer total?Comment
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Student loans are consumer debt.
With that debt load, this is not a DIY project. Expect the UST to take a hard look at your case. You really need to get some legal help.
Prehaps Justbroke or Biotechsolution will post there thoughts. While exempt from means testing, you still likley need to complete schedules I and J to determine if, you have enough disposable income to fund a Chapyer 13.Comment
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Thanks keepmine. Does anyone have any experience with SBA loans and BK. I've heard they can't be discharged, then I heard they can.Comment
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