Trying to figure what if any options I have. I'm 55, lost pretty much everything ($2 million+) in the '08 meltdown. Struggled since to rebuild but it wasn't enough. I do video production as a single-member Connecticut LLC. The LLC owns a '08 Yaris with 200,000 miles and leases a '15 Subaru Forester. It owns what used to be about $150K in equipment that is now obsolete and valueless (and no longer used). In terms of what might have value it owns a four year old video camera that was worth about $5K new, some odds-and-ends of Chinese knock-off equipment (lights, etc) that wouldn't be worth much, a desktop computer, etc. The business has no employees and its only value is my personal services as a video pro to the small client base (they will follow me, not the business, so there's no "business" to sell). The business is $98K in debt to TD Bank via an LOC where TD has a UCC lien against the LLC's assets. TD has just indicated it will no longer renew the line and wants it paid down over 60 months. The LLC also has about $50K in credit card debt
(spread across two cards). Several large long-term projects that appeared solid have all fallen apart so the business has no regular monthly income, just a project here and there ranging from $5K to $25K and I don't control when they come in. I own a home with a $258K mortgage. Zillow.com says it's worth $377K but it was damaged by ice storms and has extensive water damage to the ceilings plus other problems; I don't know actual value but it's sure not $377K. I am also in debt about $50K spread across two personal credit cards. In addition to the extremely variable LLC income I also work part-time for a city at about $27/hr for the maximum available time of 29hrs/week. I have healthcare through the city at a deduction of about $35/week. Also a pension
deduction of about $37/week. I live with and support a female domestic partner who has significant emotional issues which have prevented her from working (actually she is a lot of what sunk me financially). She is very depressed and although she is not suicidal today I fear that she could become so depending on what happens - she has four pets (ferrets) which are her emotional support. I cannot cover the $2100 mortgage, four credit cards, LOC payments plus costs of living for two on the part time income and every-once-in-awhile video income which could be a gross of $90K+ one year and $18K another year. I have $5K left in the bank and another $10K left in my former $1.4 million investment account. What are my choices? If I Chapter 7
and TD takes everything including my car I lose the part-time income. And I know I can't Chapter 13
an LLC. And I don't have the beginnings of the money to do a Chapter 11.