My small retail business has over $130,000 in credit card debt due to slow last 4 years........I have been borrowing off 1 to pay the other for a long time now but cant any longer..........Need some good advice.......Own my house and 1 car.(my house is 1/3 my name,1/3 sons name and 1/3 daughters name due to my husband passing away 7 yrs ago He wanted to do this in case something happened to me) .......Consulted with attorney and he said pay until you cant pay minimum pymts anymore then file for bk chapter 7.after the harassing starts.......Talked to another attorney and he said just dont pay at all and dont file for bk. He said I would be crazy to file for bk because even if they won judgement they couldnt get anything because I am on social security and they cant force the sale of my house........ Business will probably be closed after xmas this year. What to do????
I just got about 25 credit cards over the last 10 yrs.......Which attorney......it seems I have different advice from 2 different attorneys.........One attorney said they could sue for judgement on my 1/3 of the house but when I die my 1/3 will go to my son and daughter......
advice: get that 1/3 of your house into your kids name solely, or a trust for them, or a relative. They can't take whats not in your name, when they choose to file judgement against you.
BE CAREFUL IF YOU DO THIS, THERE IS OFTEN A 6-12 MONTH WINDOW OF REVERSAL, FOR SUCH TACTICS, CONSULT WITH SEVERAL MORE ATTORNEYS, ALSO. I WOULD CONTINUE THE BARE MINIMUMS, FOR ANOTHER MONTH & REALLY WEIGH ALL OPTIONS.
Have you discussed a chapter 13 with your attorney? You may be able to wipe out the unsecured debt and keep the house and car. Deft. worth considering if you do not see the light at the end of the tunnel with your small biz.
