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Aloha from paradise! I opened a small business in

Submitted by tvlcanoe on Sun, 04/03/2011 - 17:31
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Aloha from paradise! I opened a small business in 2008, taking out a home equity loan plus small business loan. With the economy tanking our business went down big time with decreased travelersleaving island. Ended up taking out more loans just to make ends meet. Also tried to negotiate with our landlords to no avail: stalling tactics, delays, reviews so finally stopped paying rent until we could get resolved. Now we have had the summons, hired an attorney, next is trial date this week. We are now talking to another attorney for bankrupcy as we can't afford these payments. We have townhouse and mortgage, vehicle logn and are looking at chapter13. Is this wise as everything we are reading is how your credit will suck, no credit cards, minimal cash to work with. Please give advice!


You should discuss your financial situation with your bankruptcy attorney and he/she will guide you as to which chapter of bankruptcy filing will be best suited for you. If you go for Chapter 13, you'll get a repayment plan from your creditors which will help you in paying off your debts in a time span of 3-5 years. If you go for Chapter 7, you will get the debts discharged and will be able to start your life afresh. Now, it will depend upon you and your attorney to decide which will be better for you.


Submitted by Anna Sweeting on Sun, 04/03/2011 - 20:21

Anna Sweeting

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