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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I filed a bus-bankruptcy-Ch. 7 in LA, CA on July 29, 2009.

Resolved Question:

I filed a bus-bankruptcy-Ch. 7 in LA, CA on July 29, 2009. I wanted to know what the 2 year window means (its supposed to expire this month), in terms of the protection I have for the last 2 years. Does this mean that the stay is lifted and the creditors can aggressively pursue collection proceedings against me?
If so what are my options?
Please advice.
Jim Cassidy
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

In terms of a business bankruptcy filing, was the corporation or business the only debtor, or were you personally listed as the debtor and discharging business debts?

Customer:

It was an LLC, where my partner and I ( my brother) had signed personal guarantees on major loans.

WALLSTREETESQ :

So the LLC, was the debtor, and not your brother or you?

Customer:

yes

Customer:

what does the 2 year window mean, it is supposed to expire this month?

WALLSTREETESQ :

I'm sorry I was cut off,

WALLSTREETESQ :

Did you receive your discharge letter?

WALLSTREETESQ :

The creditors did not come after you or your brother personally for any debts?

Customer:

no, we are presently speaking to another law firm which specializes in franchise law, and she is trying to get the estate trustee lawyer to extend the protection we have, I'm just trying to get a better understanding of the whole process

WALLSTREETESQ :

There will be around a two-year wait after the Chapter 7 case was discharged prior to a lender would even look at the application for a house loan, or now unsecured or secured loan

WALLSTREETESQ :

In your case as written above, if the LLC was the debtor, only the LLC would be protected with the automatic stay,

WALLSTREETESQ :

The individuals, if not listed as debtors were not given protection witht the LLC filing,

WALLSTREETESQ :

Typically you would have the individuals file chapter 7 under their name to get rid of personal liability.

Customer:

does that mean they can come after me on the loans that i signed personal guarantor, this month when window expires?

Customer:

ok i understand now.

Customer:

Thank you

WALLSTREETESQ :

yes, in fact if you are a personal guarantor, they will come after you at any time

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

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