I have a question because we are in a situation and am not quite sure which is the best way to go from here. We started to feel the pinch of the recession in 2011 - we are publishers and advertising sales are what drives everything. (We have dropped from a gross revenue of between $400,000 - $600,000 a year down to about $200,000.) We have been trying to get a loan modification
on our home for almost two years with Citimortgage and have hired a law firm to represent us but still seem no closer to getting that resolved - but think that it will eventually be worked out. We also filed for Chapter 13 Bankruptcy protection
in 2012 for both personal and business. We wanted to file Chapter 7
on both but we are still making pretty good money and feel that if we could work out a payment plan and get the house note reworked, we could conceivably keep up. We initially wanted to file for just personal Chapter 13 as that would allow us to keep our house and work out the payments past due, etc. but our current bankruptcy attorney said we had to file for both personal and business since we are the business. We did set up our business as an S-Corp so that we could separate ourselves from the business so do not really understand why this had to be the case. My question is this - I am not at all happy with our current bankruptcy attorney for many reasons, mostly because he is not very helpful for us when things come up that we are not sure how to deal with. Our bankruptcy trustee
has been more help then our attorney on many occasions. I would like to fire our current bankruptcy attorney, have our current Chapter 13 dismissed for both business and personal, find another attorney that would have more of our interest at heart and then refile only the personal Chapter 13. That way the business debt would be cut loose and we could let the business under the current name either wither and die or see what happens once the Chapter 13 has been removed. If we refile the Chapter 13 for our personal debts only and get the business debts out of the mix, that would save us quite a bit of money on the monthly payment to the court, which is $3800.00 at present. I am wondering if that sounds like a good idea or is possible? At this point I am not as interested in paying for old business debt as I am in keeping our house and trying to muddle through with it until things pick up. I would love to know what your thoughts are and what suggestions you might be able to give me. I have used this service before and have found it to be very helpful.
Thanks in advance for your advice.