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That's part of the problem: I'm not sure what or who to ask or where to turn. I would like to not lose my home; to not lose my home I need to not lose my ability to make a living. Once I run out of money, if I default on the line of credit, because of the UCC lien I presume that means the bank can sell my production equipment at auction. If that happens I will lose my home. If I default on credit cards I won't be able to travel and travel is a significant part of my business (I've shot projects in London, Copenhagen, Victoria, etc.). Because of the complex mess of company and personal debt, some of it credit card debt, some of it the business line of credit, some of it my mortgage, I don't even know what kind of professional can help me. I don't know whether I have to file bankruptcy or what impact it would have if I did (can I keep the tools of my trade such as a video camera, computer, etc.) or because of the UCC lien does the bank get it if I file bankruptcy? What is the correct action for me to take NOW, while I still have enough money to cover the next two months of bills, and with what kind of professional do I take that action? Credit counseling services are for personal debt but the mix of that and the LLC puts this beyond what they deal with.
What is the net equity of your home (fair market value minus all loans, or other liens secured by the property)?
Is the production equipment all owned by the LLC?
Is the business credit card personally guaranteed?
Current mortgage balance is $267,000. House is worth roughly $350,000.
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