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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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if i would like to file personal bankruptcy and my s corp has

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if i would like to file personal bankruptcy and my s corp has no value, am i able to retain the charge cards that are under the business tax identification number in order to continue to operate the business? if my husband and i file jointly, does that double the allowable exemption limits in general? we have a 1st and 2nd mortgage, and a 3rd home equity line on our home. the home equity was used for business. the payments on all three are killing us. anyway to claim banruptcy on the 2nd and 3rd and reaffirm the first if they agree? chase 1st, 122,000, 2nd chase 63,000, arvest home equity line 46,000. value of home???? maybe 210,000. to complicate it further arvest "thinks" they r in first p[osition since they said never sent them the notice to close the equity line when chase refinanced the home. we would like to keep this home if we can. our chase interest rates are 6.75 and 7 and arvest is variable currently 5.5. our credt scores are about 720 or higher but i couldnt find any banks to refinace any of our investment properties, which have a lot of equity, or our home, because of our debt to income ratio. i hate to waste our good credt at a time when interest rates are so low, but seems all i can do witht he good scores are hang them on the wall. thanks for any help you can give
Welcome to JustAnswer,

So sorry to hear of this dilemma. If my answer is not clear to you, please ask me for clarification by using the reply button.


You might want to consider a chapter 13 bankruptcy to strip away the 3rd mortgage and then negotiating with the 2nd mortgage for a modification.

Chapter 13 bankruptcy can strip off a junior mortgages if the first mortgage equals or exceeds the value of the property.

This may allow you to keep the house, avoid paying the 3rd mortgage and retain your home and all of your unencumbered assets


Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.
Customer: replied 5 years ago.

thank you for that advice. assuming we are filing a chapter 7 can you please give advice to these also

 

"if i would like to file personal bankruptcy and my s corp has no value, am i able to retain the charge cards that are under the business tax identification number in order to continue to operate the business? if my husband and i file jointly, does that double the allowable exemption limits in general?" how complicated does having an s corp make things? most all of our debt is in our personal names and the corp does not have much in assets

 

thank you

"if i would like to file personal bankruptcy and my s corp has no value, am i able to retain the charge cards that are under the business tax identification number in order to continue to operate the business?
Yes if the cards are not personally guaranteed

if my husband and i file jointly, does that double the allowable exemption limits in general?"
Yes

how complicated does having an s corp make things?
The corporation is an asset that needs to be disclosed on your petition. If the corporation has value the trustee may liquidate the corporation for the benefit of your creditors

most all of our debt is in our personal names and the corp does not have much in assets
That is helpful
Customer: replied 5 years ago.
dont know if i can add another question on? but..... we have investment properties all are mortgaged, there is one that i feel has quite a bit of equity, loan balance $35,000 value of home approximately $100,000. do they generally liquidate realestate with significant equity though it does have a loan against it?
I will answer this question however the site requires additional questions to be in a new thread

If the property has $35,000 of equity,you would most certainly lose that equity in a chapter 7 bankruptcy.

I hope that it helps to know this information

Thank you in advance for remembering to click accept. If you experience difficulty using the accept button, please let me know as JustAnswer pays me for my time only if the "accept" registers.
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