Man in business needs advise on court judgments possable .
Date: Wed, 09/30/2009 - 15:36
I have a Construction Co. with huge unsecured & secured debt & do to the bad economy Ihave done very poorly this last year it has become evident that I should file for bankruptcy I was at first considering chapter 7 & then chapter 13 I have secured an attourney for this but I am now considering selling 2 of my trucks not worth more than 15,000.00 total to help pay my tax liabilities for this year and keeping 1 construction eqt. still worth what I owe and letting the bank take back the other eqt not worth 1/2 what I owe and keep struggling to make it . I have been in bussiness for more than 10 years I grew my co. to 3 pieces of eqt. with 3 full time employees with the recession I had to let all of my employees go except for my son which I barely work him part time, I sold 1 piece of eqt for less than 1/2 for what I paid for it and and it was only 2 years old and still no one in the U.S. was interested in it, it sold out of the U.S. for less than 1/2 what I paid for it and took 6 mos to sell it, I believe that at 52 years old and 33 years of experience in my industry and over 10 years in business for my self that I am now over qualified and unemployable, I also beleive that By reducing my overhead by 70% and with my current customer base that I could still make it.and keep an income coming in. I live in Texas and if I shift what little assets I have left to my son or my wife and we also own our home with a mortgage equivelant to its worth and work with cash only as my debtors sue me , my question is could they go after my wife or my son? The reason I am thinking about not filing for bankruptcy is that with a chap 7 they will sell off my non exempt eqt trucks etc. and I will still owe IRS a large amount and not be able to find a job, and with a chap 13 my business income swings is almost unpredictable I am not sure about being able to keep up with the bankruptcy repayment program. I am thinking about stalling the bankruptcy to shift some small assets until after the 1st of the next year
Shifting assets just before filing bankruptcy is considered as a
Shifting assets just before filing bankruptcy is considered as a fraud and the trustees would add those assets to your total asset to determine your eligibility.
Anyway, bankruptcy is not the only solution to the debt problem; rather one may take this route when everything else fail. You may wish to explore more about the other options available to tackle the debt issues before deciding on BK.
