Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Consumer Debt VS Business Debt

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  • Consumer Debt VS Business Debt

    I have been reading a lot in the Forum for days because I am planning a personal BK 7 jointly with my wife. So thank you to everybody who is been posting because BK looks more achievable now.
    Our house was foreclosed 19 months ago in a different state than TX where we are now. I will be using the Federal Exemptions so I have lots of wild card exemptions. My question is about Consumer Debt VS Business Debt. I had a sole proprietor business from 2002-2005 that was sold for a profit. Then Middle of 2005 I started a LLC that didn't go that good and by 2007 went out of business. It was service business, so no asset. But I used most of my personal CC money to keep that business going. We have about $100,000 debt in our personal Credit Cards. Voluntary Petition asks for the Nature of Debt, anybody know how this debt will be classified?
    We pass on means test so that's not a problem here.
    Filed Chapter 7 Pro Se on 11/20/09
    341 Meeting Set for 12/23/09
    341 Meeting was a piece of cake
    Officially on 60 days club

  • #2
    I would classify it as business debt if the charges on those cards was business related.

    But, if you pass the means test, it is moot point.

    For the uninitiated; if your debt is primarily business debt, then the debtor can bypass the means tests. (you could be earning $200,000 per year, but because your debt is primarily business debt, you get to pass go and get a chapter 7 discharge without worrying about income limitations on chapter 7's). However, the business debt must exceed ALL consumer debt. Consumer debt includes mortgages, car loans, and credit debt that was used for personal, household, or family purposes. Thus, because a debtor's mortgage is included in the calculation of what constitutes consumer debt, non-consumer bankruptcies are still somewhat rare.
    Last edited by HHM; 11-11-2009, 10:39 PM.


    • #3
      Thank you for the help HHM.
      So the business debt only matters when it comes to means test. I was worried more about creditors objection of wrong classification to dismiss the BK case.
      Filed Chapter 7 Pro Se on 11/20/09
      341 Meeting Set for 12/23/09
      341 Meeting was a piece of cake
      Officially on 60 days club


      • #4
        Originally posted by FinallyBK View Post
        Thank you for the help HHM.
        So the business debt only matters when it comes to means test. I was worried more about creditors objection of wrong classification to dismiss the BK case.
        And that is possible when you intermingle corporate and personal finances. I was told that the odds of a credit objecting was 1 in 1000, and then 1 in 10,000.

        It could be a sticking point, but probably not. If the creditor does object, then you may have some of that dreaded non-dischargeable debt.

        Let's just hope that you nor I are that 1 in the 1000.
        All information contained in this post is for informational and amusement purposes only.
        Bankruptcy is a process, not an event.......


        • #5
          Odds of a large credit card company objecting and going through the process on a borrower that is clearly insolvent is highly unlikely.
          Stopped Paying CC 1/1/9

          Filed Not yet


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