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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34627
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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What steps should I consider before filing for bankruptcy in

Resolved Question:

What steps should I consider before filing for bankruptcy in IL?


 


More detail:


 


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.


 

Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 3 years ago.
Hello,

1. List your assets (what you own)
2. List your debts (what you owe)
3. List the debts that are secured by property that you own.
4. Identify any assets that you have that are exempt in bankruptcy, and if so, in what amount (see this link for a list)
5. Identify any debts that you have that are nondischargeable in bankruptcy, and if so, in what amount (see this link for a list)
5. Take the "means test" (see this link)
6. Read Bankruptcy Basics from the U.S. Courts, and decide which Bankruptcy Chapter to file.
7. Visit a bankruptcy attorney before making any decision. Most bankruptcy lawyers give free first consultations. See this link for a referral.

Hope this helps.


And, if you need to contact me again, please put my user id on the title line of your question (“ToCustomerrdquo;), and the system will send me an alert. Thanks!

Customer: replied 3 years ago.

ToCustomer

 

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.

 

Thank you,
Mike

Expert:  socrateaser replied 3 years ago.
In my view, all "debt relief" solutions are scams. Bankruptcy is the only true debt relief, because the other solutions cannot actually force your creditors to cooperate, and because the fees incurred in trying to pay off your debts are typically more than the legal fees required to file bankruptcy and hire a competent attorney.

Many people feel that bankruptcy is the equivalent of failure. Yet, large corporations file bankruptcy and no one thinks badly of them. Similarly, many wealthy persons have used bankruptcy with considerable success: Donald Trump, Henry Ford, Walt Disney, Marvel Comic Book author Stan Lee (Spiderman), founder of Hershey’s Chocolate, Milton Snavely Hershey, and the founder of Heinz Ketchup, H.J. Heinz.

Hope this helps.


And, if you need to contact me again, please put my user id on the title line of your question (“ToCustomerrdquo;), and the system will send me an alert. Thanks!

socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34627
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and 2 other Bankruptcy Law Specialists are ready to help you

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socrateaser
socrateaser
Bankruptcy Lawyer
34627 Satisfied Customers
Attorney and Real Estate Broker -- Retired (mostly)