Which way do I go?

[tracy4026]

My husband was a sole proprietor until 11/2004. He/we have A LOT of debt from and becuase of the business. I want to file BK, but he doesn't. I'm worried because we've gotten 2 notices that says these creditors are going to take our house, other property, etc. From what I have read they have every right. BUT, I have 2 draw backs. 1) His brother and sister-inlaw's home is in my name! and 2) We have a camper that has been a saving grace/retreat from all of the hassling collection calls. One vehicle has been repo'ed, the other is on the verge, we have $0.00 for a down on another vehicle and we need 2 vehciles to keep the jobs we were able to get. I filed CH13 with my first husband in 1989, but a lot has changed.
Any advise, kind words or recommendations would be greatly appreciated.
tracy4026

[HHM]

Based on what you have described, what possible reason could your husband have for not filing bankruptcy.

Why do I suspect that your husband is caught in the cycle of "Doing the same thing, but expecting different results". Unless he has a plan to get out of debt, I suspect BK is your only realistic option, and yeah, you may lose some property. Incidently, why is your inlaws home in your name. Are you on the loan or simply the deed?

And you will probably lose some property, but really, if you take a hard look at the situation, do you really have any other options?

[tracy4026]

I think he is afraid that if we file BK it is admitting failure...or whatever.

As for the in-law's home in my name, my credit USED to be so good I could own 2 homes!!! They had bad credit, I was supposed to be the Co-Signer and when we got to the signing table, it was all in my name; and I felt obligated. Had I known the out-come before closing, I would have backed out. Hind site is 20/20; these in-laws bailed out when things got tight with our business and basically forced us to close the doors, hurling us into the financial situation we are in now.

Also, you mentioned losing some property, that means the camper will have to go? I can live with that, I'm just not sure my husband can; and the Co-Dependant in me hates to see the kids disappointed anymore. Is it possible to leave it off of the BK? Change the name on the financing? I'm grasping at straws and I know if I could have something positive and tangable I could probably persuade my husband into filing.

Thanks for your support.
Tracy

[HHM]

Can you sell the home your in-laws are occupying?

And yeah, you probably would lose the camper (it depends on your state's exemptions and how much, if anything, you owe on it).

Honestly, most small business owners declare BK at some point. From a business perspective, BK is a financial TOOL like any other and shouldn't be looked at negatively. If BK is good enough for the Airlines, its good enough for your too. :p

[tracy4026]

No, I can't sell it, not that I wouldn't want to, but a divorce would be right behind it if I did. I know that their credit is still no where near good enough to refinance it in their name, so I was wandering/hoping I could show that they make the payments directly (cancelled checks, utilities in their name, etc.).

Where would I find my state's (NC) exemptions? We owe a lot, just bought it new in 10/2003.

I feel the same about BK, it's not an admission to failure, its a safety net for the business owners.

Thanks again,
Tracy