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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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We have a business which is a S corporation in California.Loan

Customer Question

We have a business which is a S corporation in California.Loan amount on the equipment is about $98k .Unpaid rent total is about $ $46 k and credit card $181 k( including late fees)
We have a home,and has $200 k in equitity.Value is about $550 k.
2002 mercedes C240 and 2004 BMW X5 .
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 years ago.
Hello and welcome to Just Answer. For over 33 years I have answered questions just like yours. And I look forward to assisting you.

it sounds like to are asking about your eligiblity to file BK. note, because of the equity in your home, more an $100,000, if you filed a BK, you cannot protect your home. Likewise, the cars are assets that are also not protected based on their values. But you should consult with a BK attorney about possbily filing a chapter 13 BK where you can save your home and reorganize your debts.

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