We are currently discussing filing either chapter 13 or 7. We had a small retail store close and owe approx $40000 to our vendors. We have been unable to maintain payments that they are asking for at this time ( everyone wants about $1000 per week! ) due to the fact that the only income we have now is a job that my husband took out of State (WA) He is renting a room and paying our mortgage and all his bills ( truck payment, ccards, etc) I am currently looking for a job but, there aren't any in our area. My son works at a fast food resteraunt and said they have a pile of aps 6" thick! We are by now means trying to get out of debt quick. We have tried to secure a loan. Has anyone self employeed tried to get a loan lately?! Anyway, my question. My husband is a sub contractor. He is required to be bonded in the state of WA. Will he lose his bond if we file? I spoke to our potential BK Attorney and since we are filing in a state that does not require sub contractors to be bonded, he said he has to look into it. I was hoping someone on here would know. Thanks in advance.
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How was the store structured? Corporation?
How long ago did you close the store?
How long was it opened?Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17 -
The store was a sole prop and we were only open for 3 years. My husband's new job pays enough to cover both rent in WA and our mortgage, living expenses here, Thank God. There is however, no money left in our budget to make payments that the vendors want to keep them happy. Our biggest concern was whether or not when we filed, my husband would lose his bond thus, not be able to keep his current job. We were discussing a chapter 13 since, we want to pay the money owed. We are selling everything we own to make at least some type of payments on our debt, including our home. We have decided that if he will lose his bond, it wouldn't make any sense to file any type of BK cause, on top of potentially losing everything we own, my husband would lose his job as well. Any thoughts on this? I am actually suprised that nobody else is in this situation and/or had any experience with this on this forum.Comment
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I would say he shouldn't lose his bond, but then, if he is a sub contractor, what kind of work is he doing?Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17Comment
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it's statutory. You have to look into the laws of the state he is bonded in to see if sub contractors lose their bond.
the BK is nationwide, but he's trying to do business in Washington.
One thing about your "pay everything back" comment. There is no law that FORBIDS you from communicating with your discharged creditors and telling them that you will provide them some money when you are able to in order to satisfy the debt that you discharged. I'm sure that very few creditors would refuse that.
There is, however, a law that BINDS you to the debt if you do not discharge it.
When you discharge the debt through bankruptcy, you are relieving your personal liability to have to pay that debt.
You have every right in the world to offer to pay the discharged debt off anyway to the creditors and still be legally ABSOLVED from having to pay it.I do not provide legal advice. All I do here is give my two cents as an opinion and at least share some of the facts that I know. Attorneys can provide legal advice, so go ask them or hire one.Comment
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