OK. Here is the scoop. I have a friend that owns a large business. He is in serious finiancial trouble. He is considering a business BK and a personal BK. He owes suppliers about 1.1 million (which is about normal for him, but there isn't anything coming in) and about 600,000 in personal loans that were used to keep the business afloat this long. What would be the way to go. He does not care what it takes, all he really wants to walk away with is his home (balance on loan about 130,000 worth appx 400,000.
I say consult with a bk attorney asap. There are other issues involved that this site should not address. When filing a business bk and a personal bk there are different factors involved which requires expert legal advice. Best of luck to your friend. Mirage
