What is the name of your state (only U.S. law)? Arizona
I am faced with filing personal and business bk with my LLC.
I owe about $250k in unsecured business credit. and
About $100k in personal unsecured credit.
The business has no assets. I was the source of ncome until I was disabled.
I was declared 100% disabled in August 08 and am now collecting SSDI.
1st Mort. $440k and 2nd $140k on my house that should qualify for the 2nd to be stripped.
It seems consusing to me about which way to go between ch7 and ch13 business or personal...
I understand there are ways to strip my 2nd mortgage with a 13.
But what happens to all the business debt and personal debt with 13?
Am I qualified to file 13 with no income other than SSDI and my wife's very small household income?
Is there a dollar amount limit on unsecured credit? If so, does the 2nd mortgage fall into that dollar amount when it is decalared unsecured?
I have hired an attorney but he seems about as confused about business bk as I am...
Can someone take a little time and try to explain to me my options and what happens to the debt... Any help to give me a direction is appreciated.
I am faced with filing personal and business bk with my LLC.
I owe about $250k in unsecured business credit. and
About $100k in personal unsecured credit.
The business has no assets. I was the source of ncome until I was disabled.
I was declared 100% disabled in August 08 and am now collecting SSDI.
1st Mort. $440k and 2nd $140k on my house that should qualify for the 2nd to be stripped.
It seems consusing to me about which way to go between ch7 and ch13 business or personal...
I understand there are ways to strip my 2nd mortgage with a 13.
But what happens to all the business debt and personal debt with 13?
Am I qualified to file 13 with no income other than SSDI and my wife's very small household income?
Is there a dollar amount limit on unsecured credit? If so, does the 2nd mortgage fall into that dollar amount when it is decalared unsecured?
I have hired an attorney but he seems about as confused about business bk as I am...
Can someone take a little time and try to explain to me my options and what happens to the debt... Any help to give me a direction is appreciated.