Hi there,My name is XXXXX XXXXX I'm a business law attorney that will be answering your question.
It sounds like you have a number of outstanding debts, without the assets or potential income to cover those debts.
As you are personal guarantor on the business loan, let's disregard the business entity for now, as you are the one responsible for it (the bank would look to your personal income in relation to repaying it even if the business wasn't viable).
If you have the $40k debt for the business loan, and a $55k deficiency on a property ($75 balance with $25k equity), and you lack the assets or income to repay these debts, bankruptcy would certainly be a possible recourse.
If you are doing a short sale of your home, you would probably want to talk to a bankruptcy attorney immediately. There might be options in bankruptcy that would allow you to retain your home, or at least protect some assets that would otherwise be lost. The short sale would eliminate those options, so ti's better to act sooner rather than later.
not interested in retaining home for some personal matters (and some debt elimination matters).
do i have any optinos to 'negoatiate ' with BofA on this bsuiness debt?
also, need to look at hte property in SC as an issue....
You certainly can try to negotiate with BoA, but their willingness to work with you would depend on a number of factors. Given that it's business financing (rather than a home mortgage, for example), your direct recourses are even more limited. Was the BoA debt secured? They probably wouldn't be willing to take much below the principal balance willingly. They would probably only do so if forced by a bankruptcy court.
BoA has you personally on the hook for that debt, so your personal finances are all they'd really look at if the business wasn't very liquid.
Again, with the SC property, as it's not a primary residence with a mortgage, your options are more limited. If you are unable to make payments, they might not accept a short sale, particularly at that level of deficiency.
To determine if bankruptcy is an option, or what kind you might be eligible for, there are some online resources.
You might want to look here: http://www.nolo.com/legal-encyclopedia/chapter-7-bankruptcy-means-test-eligibility-29907.html
I hope this answer has been helpful. I'd be happy to further clarify my response and follow up with any other questions. If you're satisfied with my answer, remember to hit the "accept" button, and positive feedback is always appreciated! -Michael
so - i am satisfied withyour responses BUT it soundslike I am screwed for lack of a better term. right?
The taxpayers bailed these #$%^&*( out but I will HAVE to pay all of my obligations with no chance of help?
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