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

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Another business vs. consumer debt question

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  • Another business vs. consumer debt question

    I have already filed chap 7 and have my 341 scheduled in Feb. I am over the median, but my attorney thinks we will be ok. But due to my worry wart nature, I can't help but to run a million different senarios thru my mind.

    So let me give some brief background.
    300K mortgage on my home
    35K in CC debt,
    20K on one car
    10K on second car.
    10K on a motor home
    300K on a peice of investment propert. It is a large residential lot on the water. Nothing has been built on it (empty lot).

    If I were to get dismissed due to disallowed expenses on my means test. I will still be giving up (repo) the motor home and more expense car. I will also let the Investment property be foreclosed on. I have already stopped making payments on all of these.

    I am break-even on my home, I could probably sell it for what I owe. I am 3K upside down on the more expensive car that I will let go. The smaller car we have about 3k of equity in.

    But I'm probably 100K or more upside down on the investment lot.

    Currently, I have more consumer debt than business debt. But If I sold my home and let the investment property, car and motor home be repo'd. I would end up with deficiency judgments on the car, motorhome and and lot.

    But the judgement on the lot would be more than my remaining consumer debt (credit cards and deficiency judgements on car and motorhome).

    In this circumstance could I file a non-consumer Chap 7?

    Basically if I sold my house, I could get into a situation where investment debt is higher than consumer. Would this be allowed? This is theoretical at this point, but I would certainly go this route to eliminate the investment debt if necessary.

    thanks for your opinions.
    Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
    Filed Chap 7 - 12/31/2009
    341 - 2/12/2010
    Discharged - 4/19/2010

  • #2
    If your debt is less than 50% consumer you should be able to file a non consumer debt. You would no longe owe the bulk of your mortgage and should bring you in to a non-consumer case.


    • #3
      thanks for the response. that is what I thought. My only concern was that if I was dismissed from Chap 7 for failing the means test, then re-filed as non- consumer, could they look back give me problems for "re-arranging" my debt situation in order to meet the non-consumer rules.

      It seem like good planning to me, but I know sometimes things are not as straight forward as they seem.
      Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
      Filed Chap 7 - 12/31/2009
      341 - 2/12/2010
      Discharged - 4/19/2010


      • #4
        Yes that would work. In fact, you wouldn't necessarily need to wait for the investment prop to foreclose. But you would need to sell your house before filing BK.


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