Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
What steps should I consider before filing for bankruptcy in IL?
I have 4 privately and soley owned S Corps.
I have over $100k in debt.
I have just enough income to pay my minimum debt payments monthly.
I do not own a home.
I do not want to jeopardize the businesses if possible. Two of them are more important that the other two.
Most of the debt is held in my name personally. I can keep the business debt if necessary.
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I may have misstated my question. I am trying to figure out if there are any other avenues to consider besides bankruptcy. I see ads for credit councelling and debt relief all the time. I don't want to contact a company selling their "solution" until find out what the most appropriate solution is for me.
I am a responsible person and would like to pay off my debt, but I don't want to try a "debt relief" program that is advertized on TV that doesn't relieve my debt and still damages my credit rating.
Also, on top of the information I added to my original question, I have no deliquent accounts or late payments. I'm just able to squeek by. I can't keep doing this forever. The hole is too large.