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Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 27242
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Im a chiropractor, over the last 3 years I have been putting

Resolved Question:

I'm a chiropractor, over the last 3 years I have been putting my office need into my personal credit card. Though the practice isnt the best so we left the practice and move thr equipment along. I so far ignore the debt until i have money to pay been a year now. Then we move to another location and started a very small new practice and started as pllc. But my personal debt is still there about 60k. I credit and blown and I need some direction to go with.
Thank you
Submitted: 1 year ago.
Category: Business Law
Expert:  Roger replied 1 year ago.

Kirk Adams : Hi - my name is XXXXX XXXXX I'm a Business litigation attorney. Thanks for your question. I'll be glad to assist.
Kirk Adams : Your new LLC would be protected from your personal debts, and any money made by it should be protected.
Kirk Adams : However, your personal liability would still exist and if the creditor were to sue and obtain a judgment, and if that happened, the creditor could seek to liquidate your interest in the LLC, which would effectively kill the business.
Kirk Adams : Th only way to get around this debt would be to file bankruptcy and have the debt discharged.
Kirk Adams : This would wipe away any old debts and give you a fresh start.
Customer:

What would this put on the business equipment?

Kirk Adams : If the equiiemt was pledged as collateral, the lender would have a right to recover it under a chapter 7.
Kirk Adams : However, you could file a chapter 13 and keep the equipment.
Customer:

my condo was sold last year after 2 year living there and the selling got 15k from it

Kirk Adams : You would have to establish a repayment plan to pay the debt over time, but you would have to pay the entire debt back.
Customer:

from that 15k?

Customer:

in state of michigan, can filing for bankruptcy can be done anywhere in the state or have to be locally resident?

Kirk Adams : You'll have to file with the bankruptcy court that covers your area of residence.
Customer:

from your stance which would be the best option.

Kirk Adams : The court may not be in your hometown, but it would be close.
Kirk Adams : That's really the only option that would help you deal with and control the situation instead of having the creditor drive things.
Customer:

any advise on finding bankruptcy lawyer? and i am assuming when filing will be in public?

Kirk Adams : The filing is public record, but it won't be published in the newspaper or anywhere else.
Kirk Adams : So, it's not likely that it'll be public knowledge.
Kirk Adams : As for for finding an attorney, visit www.martindale.com and search for an attorney by location.
Kirk Adams : When you go to the site, click on "Find a Lawyer or Law Firm" and you can enter the search info there.
Customer:

should that lawyer need to have specific background like business?

Kirk Adams : It's likely that any bankrupt y t
Kirk Adams : It's likely that any bankruptcy lawyer will possess this knowledge.
Kirk Adams :

Thanks for your question and please let me know if you have any additional questions.

Roger, Attorney
Category: Business Law
Satisfied Customers: 27242
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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