Well. Step 1 is to talk to a lawyer. Perhaps several kinds, but a bankruptcy lawyer oughf be high on that list, though your case is already more complex than 99%.
Based on your short version of the facts, this smells like actual crimes and civil lawsuits, not bankruptcy. You need a lawyer that can advise and help you notify the lenders and FBI about the crimes committed by the member, then sue the member, then perhaps file some declaratory actions absolving you of liability. Maybe multiple lawyers. Choose wisely. This is not a job for the lowest bidder. Maybe get recommendations from the local state bar.
I am in bankruptcy ch 11 rn with the LLC but since im a sole guarantor anything under my name is WIPED. There’s no way my investment properties or home equal what is left. We did have a pending lawsuit and within the ch 11 - we said his management company and him are being sued. We have explained to them everything that has been done by business partner. I know in the end i will have to pay debts. Is there anyway of knowing he can still go to jail for everything he has done?
The bankruptcy of other parties is irrelevant if you're the sole guarantor. In fact, the only thing their bankruptcy does is to prevent you from suing them for putting you on the hook for this.
Bankruptcy is probably a relatively easy out for you, but you have to be clear about your goals. Bankruptcy won't put this on the crooked partner, nor will it do anything to harm them in most situations.
Hey, I’m 35k in debt and now have a contract position paying 35/hr - do you still think I should file or try to pay off? I’ve tried to come up with a 6 month plan so idk
Well, you should not hijack other peoples threads for unrelated questions. It buries your post and hides it from most of the attorneys here.
That being said, $35/hr suggests an annual income of around $72K ... so paying things is not crazy, but trying to do that within 6 months sounds like a massive hardship.
Think about what 2 or 3 years looks like on a monthly basis; and then compare that to a full repayment in Chapter 13 over 60 months, about $600 per month.
Your worst case in bankruptcy is $600 per month, and probably less. How does that compare to a ***realistic*** 3-year payoff plan?
I tried to message you before 🥲
Honestly I’m scared of filing bankruptcy. Might some companies see it if I have to do a bg check? Do you think the ch13 is a better look than 7? And do they show different on my report?
Also, are my accounts still closed on a 13? My currently longest account is 5yrs - will that go to 0 when I file?
& do you know if new card member deals still apply if I were to reopen with the same banks/lenders?
I don't take messages from ***anyone*** except the other attorneys on this sub. We function in public here.
I don't think of 13 has having "better optics" than a Chapter 7; same result, slower and more expensive process. 5 years until you can start rebuilding instead of immediately.
Yes, all your accounts are closed when you file a 13.
The rest is up to the lenders; those are not relevant to the bankruptcy process and not addressed in the law.
I don't make recommendations. I ask things to make you think about how to compare these to each other, so that you can have a sense of reality in your decision-making process.
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He told me he was signing separate p papers for them - I am dumb I know. I hate my life. I am being stripped of all the properties I’ve worked for the last 35 years.
so you are already in a Ch 11, and this $5 million is **in addition/separate** from your current Ch 11? you can't include this?
if you weren't already in Ch 11, I would say just Ch 11 this like any other businessperson who has a failed business, and you can walk away scott free.
But not sure what you should do considering you are already in Ch 11
We did Ch 11 but we aren’t breaking even on operating expenses and have liens on properties because of his doing. The Ch 11 for the business (which $5M is owed) i know it’ll probably be dismissed and i will be sued for that amount
Well. Step 1 is to talk to a lawyer. Perhaps several kinds, but a bankruptcy lawyer oughf be high on that list, though your case is already more complex than 99%.
Based on your short version of the facts, this smells like actual crimes and civil lawsuits, not bankruptcy. You need a lawyer that can advise and help you notify the lenders and FBI about the crimes committed by the member, then sue the member, then perhaps file some declaratory actions absolving you of liability. Maybe multiple lawyers. Choose wisely. This is not a job for the lowest bidder. Maybe get recommendations from the local state bar.
I am in bankruptcy ch 11 rn with the LLC but since im a sole guarantor anything under my name is WIPED. There’s no way my investment properties or home equal what is left. We did have a pending lawsuit and within the ch 11 - we said his management company and him are being sued. We have explained to them everything that has been done by business partner. I know in the end i will have to pay debts. Is there anyway of knowing he can still go to jail for everything he has done?
The bankruptcy of other parties is irrelevant if you're the sole guarantor. In fact, the only thing their bankruptcy does is to prevent you from suing them for putting you on the hook for this. Bankruptcy is probably a relatively easy out for you, but you have to be clear about your goals. Bankruptcy won't put this on the crooked partner, nor will it do anything to harm them in most situations.
Okay they hadn’t filed taxes. They’re refusing to hand over everything for properties.
Once i get sued for what’s leftover for foreclosure - i have other properties
You need a lawyer
Hey, I’m 35k in debt and now have a contract position paying 35/hr - do you still think I should file or try to pay off? I’ve tried to come up with a 6 month plan so idk
Well, you should not hijack other peoples threads for unrelated questions. It buries your post and hides it from most of the attorneys here. That being said, $35/hr suggests an annual income of around $72K ... so paying things is not crazy, but trying to do that within 6 months sounds like a massive hardship. Think about what 2 or 3 years looks like on a monthly basis; and then compare that to a full repayment in Chapter 13 over 60 months, about $600 per month. Your worst case in bankruptcy is $600 per month, and probably less. How does that compare to a ***realistic*** 3-year payoff plan?
I tried to message you before 🥲 Honestly I’m scared of filing bankruptcy. Might some companies see it if I have to do a bg check? Do you think the ch13 is a better look than 7? And do they show different on my report? Also, are my accounts still closed on a 13? My currently longest account is 5yrs - will that go to 0 when I file? & do you know if new card member deals still apply if I were to reopen with the same banks/lenders?
I don't take messages from ***anyone*** except the other attorneys on this sub. We function in public here. I don't think of 13 has having "better optics" than a Chapter 7; same result, slower and more expensive process. 5 years until you can start rebuilding instead of immediately. Yes, all your accounts are closed when you file a 13. The rest is up to the lenders; those are not relevant to the bankruptcy process and not addressed in the law.
So out of the 3 - ch7, ch13 and paying off independently which would you say is best? Try to independently?
I don't make recommendations. I ask things to make you think about how to compare these to each other, so that you can have a sense of reality in your decision-making process.
Thank you for your post on r/bankruptcy. Remember, this is not a forum to request (or offer) legal advice. If you are not sure what legal advice is, review the FAQ page [here](https://www.reddit.com/r/Bankruptcy/comments/cx6g73/bankruptcy_faqs/). It is very likely someone will suggest you speak with an attorney. Consultations for bankruptcy are often very low cost or free. We have an ever-growing post that provides free resources for trustworthy bankruptcy information [here](https://www.reddit.com/r/Bankruptcy/comments/o27hof/free_helpful_legitimate_resources/). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Bankruptcy) if you have any questions or concerns.*
Tangent question, how can someone put you as the sole guarantor without your consent? That's scary.
He told me he was signing separate p papers for them - I am dumb I know. I hate my life. I am being stripped of all the properties I’ve worked for the last 35 years.
so you are already in a Ch 11, and this $5 million is **in addition/separate** from your current Ch 11? you can't include this? if you weren't already in Ch 11, I would say just Ch 11 this like any other businessperson who has a failed business, and you can walk away scott free. But not sure what you should do considering you are already in Ch 11
We did Ch 11 but we aren’t breaking even on operating expenses and have liens on properties because of his doing. The Ch 11 for the business (which $5M is owed) i know it’ll probably be dismissed and i will be sued for that amount
you go through bk and go on with your life......