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

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Should I skip filing a bk?

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  • Should I skip filing a bk?

    Have about $92k in unsecured debt (credit cards-all personal, no business).

    Walked out of a commercial lease when I shut down my business almost a year ago (lease was in my LLC + p.g.).
    Removed and liquidated all the equipment at the time we vacated the store.

    Attorney is suggesting we file personal ch.7 and bk the LLC.

    The one and only good thing I managed out of this entire mess was that I sold some land about a year ago and bought our primary residence for cash (no mortgage). Mu attorney said it will be protected under our homestead law for Az.

    Currently have the remainder of a small business that keeps me slightly above water.
    My attorney told me we can not keep the business thru the bk. Options were to shut it down or take our name off it all together. This whole thing has become so entangled and complex. I know for sure that I cannot just shut it down for a few months until bk is over as I will loose my customer base.

    Part of me says to drop the idea of filing the bk, get a loan against my house (since I have equity) and try to settle my unsecured debts for the best price. Shut down and dissolve the LLC which was in the commercial lease and hope like hell they don't come back after me down the road. I realize that it's always an option that they could pursue me but given the economy the way it is, its always possible they will drop it because of the cost to sue is not worth their time. I guess i could also file for bk if and when they do come after me.
    Any thoughts or suggestions would be helpful.

  • #2
    Well, it is always worth a try.

    Make sure you've truly got access to cash before trying to negotiate with the unsecured debts. Then you can offer a quick settlement ... here, you can have XX amount NOW -- offer good for 5 business days -- or we will go into BK. Most intelligent Co's would take the $$ and run.

    Plus of that is that you can always file BK later, since you have not used up that option now.

    Some here will say never trade unsecured for secured and I get that ... but as to your house, you could also argue you might as well own it free and clear or owe 100% on it, because a little equity is worth something to others.

    So if you can use your house to deal with the unsecured, get your finances in order after this (Seriously ... if you cannot do this part -- don't risk your house) and get back out of this, you can always start another LLC for $150 bucks and start again ...


    • #3
      Its hard to say what could happen with all those different scenarios...but, I think whether the commercial lease comes after you does depend to some extent on how much was 'walked away from'. I have seen a lot of landlords sue over larger amounts. ..and a personal guarantee that leads to a property with equity might be very tempting.

      Personally, I don;t see the bad economy causing fewer suits, but rather more lawsuits.


      • #4
        From my experience you need about 50% of the amount owed to settle. You need cash for that but you don't want them to know you have it all now. Most of them (I got Citi, Amex and WF offers - didn't pursue -filed instead) agreed to 3 payments - one at agreement time, then 1 and 2 mths after that. I used a good attorney and that was his technique.


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