With debts that were bank loans, I had been in court and so match has happened. I did not sign the Chapter 11 notes for many reasons and was foreclosed on by this large bank. They have not given me any records of how much they received, over 300,000.$ and I was forced into a settlement that gave me 9 months to start over, resending letters out to 13 of my best customers telling them not to work with me, an I lost 1.4 million $ in contracts. Ic could not make it happen. Rumors are flowing yet I am strong, my credit, I received 1 notice of default and every company,personal name has not bee served with a post judgement due back in 30 days. I was serviced only by mail. I have lost my 25 year old business, employees, vendors. I did send the bank a letter requesting they write off with an Obama Debt relief or something, also requested they not contact me legally again. I have been harassed and physically and mentally played with for more then 5 years now. since the debt is from 2006 and I live in Texas is the debt still collectible or do I need to go to the bank in person, they are attempting to get into doing more business with the City, or is this a good time to file bankruptcy ? Can I continue doing business under the same name if I do. I am a white woman that is certified to do business as a minority.
State/Country relating to question: Texas
Everything, I can think of..any ideas..
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
You mentioned chapter 11. did you file an 11 ? for yourself or business? If so, what is the status? If not, are you considering ch7 or ch13? for yourself or for your business? Once i get some more info, i can properly answer your questions. Thanks!
I filed Chapter 11 for the first company in 2008, then after I could not maintain the court order the bank with the most collateral foreclosed with civil proceedings. They got an injunction and it took a great deal of work on both parts. After the law suit was settled with the 9 months I was given to get back up in business with no inventory, I was unable to start the repay. I have not filed personal or any other bankruptcy. I have gotten in the mail a Post Judgement and I am mentally exhausted.I am personally on the line, I do have other businesses, they are involved. If I file in Texas, to keep my homestead, there are no other assets left. Will I need to answer the Post Judgement? does that help better explain. I had a banker that was unethical, although I have my part I am not capable to continue fighting and giving 4 years of information for them to continue. I am from 50 employees down to none. From 25 years into business down to no contacts..so please for give me if you tell me I need an attorney. I understand this.
I will opt out, as I do not practice chapter 11 law. thanks and another expert will be available to assist you.
It sounds as though you have deficiency judgments that have been entered against you. You may wish to consider file a personal bankruptcy to eliminate any personal obligation that remains from these business loans. I would highly recommend working with a seasoned bankruptcy attorney in your area because you would need to have all of your personal assets valued and all of your debts examined. This is important because you want to ensure that any equity you may have in your assets are exempted under the bankruptcy code. You also need to ensure that the debts you are or are not dischargerable in bankruptcy. It is possible to continue to operate a business while you and in your personal bankruptcy case, but there are limitations on the amount of income that can be generated and the value of the business your are allowed to exempt. In order to make this determination you will need to discuss with your attorney the nature of the business entity and what assets and debts owns and owes.
I want to thank you for your solid answer. I thought this was the way, I have used Just Answer as my legal advise in this case all along and to have the information and knowledge helps in discussing with an attoney that is not seasoned. And there are many. (my opinion) Thank you and It makes me feel much safer.
Glad I could be of assistance.
Attorney with 13 years experience.
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