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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17222
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 have an LLC in Florida, I have a charge back for the error

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I have an LLC in Florida, I have a charge back for the error of one of my former promoters, I do not have the monies to pay it, Should I file for Bankruptcy and if so which one, 7,11,or 13

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 :

How much is the charge back?

WALLSTREETESQ :

Do you still want to operate the LLC?

WALLSTREETESQ :

Would you consider creating another LLC to operate the business?

Customer:

$11, 292

Customer:

I would like to but if the bank will not help out I cannot pay this.

WALLSTREETESQ :

You may want to consider a chapter 7 for the LLC, if the debt is on the LLC only if you have a personal guarantee on the chargeback as well, you will have to file a chapter 7 to discharge the debt.

WALLSTREETESQ :

After the bankruptcy you can create a new LLC, and start the business again,

Customer:

Does the Chapter 7 leave me with a discharge of debt or do I have to pay?? Will i have worse credit personally than I do now?

Customer:

Can I file on my own without an attorney in Florida.

Customer:

I do not have money, really, I live in Mexico most of the time and this business has used up all of my savings.

WALLSTREETESQ :

A chapter 7 would hurt your credit, if you are not on the loan personally,

WALLSTREETESQ :

you can just close the LLC, and not file,

WALLSTREETESQ :

if you are liable as well personally, a chapter 7 for you personally will be the only way to get rid of the debt,

WALLSTREETESQ :

You can do this without an attorney, or use a document service provider,

Customer:

Its not a loan, it is a chargeback from the merchant services, I will still have to pay them for the terminals over the 48 month period.

WALLSTREETESQ :

Are you personally liable for it?

Customer:

the ones they have online for printing and filing

Customer:

yes

Customer:

It is in my name, the whole thing

Customer:

No one else

Customer:

Its a mess

WALLSTREETESQ :

Then a personal chapter 7 would have to be filed by yourself,

WALLSTREETESQ :

or you would have to close all personal accounts, and let the creditors sue you personally or try to obtain a judgment against you.

Customer:

I don´t want that, I want to avoid the whole thing, is it not possible to get an order from the court for the bank to allow me to pay it back in a reasonable fashion in a reasonable amount of time??

Customer:

I will pay, I just dont have the full amount immediately.j

WALLSTREETESQ :

That is possible, you can file a chapter 13, which is a payment plan bankruptcy, and you can force the creditor to accept a 60 month payment plan

Customer:

I can do this by myself as well, just for the LLC??

WALLSTREETESQ :

You could do both by yourself,

WALLSTREETESQ :

a personal bankruptcy is for a chapter 13, you cannot do it for a LLC.

Customer:

I just want to do the LLC, not me personally, is that not possible or do I just file and let the bills incurred by my business be put on a plan of 60 months and just deal with it.

WALLSTREETESQ :

For the LLC, you can only do a chapter 7 or 11, an individual can do a chapter 13 as well as the others,

WALLSTREETESQ :

You can consider a personal chapter 13, and pay your bills through a 60 month plan,

Customer:

So, the chapter 13 filed on my behalf, personally would make the bank do a payment plan as well as the merchant service, First Data and I still get to keep my personal bank account and just stay with my bad credit?? I am fine with this if in fact, this is the case.

Customer:

If your answer is yes then this is what I will investigate and proceed with.

WALLSTREETESQ :

Yes,

WALLSTREETESQ :

A personal chapter 13, would force all your personal creditors to accept a 60 month payment plan,

Customer:

Awesome, thank you so much, I will proceed with this if tomorrow the bank manager is unable to process my request. Thank you for your time I greatly appreciate. Very helpful and now I don´t feel so ignorant going into to have my discussion tomorrow.

Customer:

Happy Holidays!!

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