Question

I am thinking of declaring BK for my business.I am a dentist in NJ. I have the business listed for sale but no one is getting financing from and many are afraid to purchase. I owe BofA $169K on my bizloan. The broker is asking $225K. I have found a job working for someone else starting in Jan10. If I delare BK what can happen to me personally. I dont own a home, I rent an apartment. I own my car (a 2004 Lexus). I have a few brokerage accounts with stocks worth about $20K if I cash out today. I have no retirement. I am a 40 yr old single mom. BofA has filed a civil suit for what I owe in Oct in NJ. I can't make the payments. My office is down 60% since June09. My question is what will I lose if I declare BK. What are my options Ch11,13 etc. Which is best for me. Should I declare BK now b/c my income will go up in Jan10 when I start working again. Right now I make enough to pay my office rent, staff and overhead and a little to myself to pay my bills.