Here’s my issue:
I own a small biz and had a running credit line in the Corp name and my own name.
When things where good I would borrow and pay it back as needed. In 2008, things went south with the economy and my biz.
I paid the monthly payments until it became impossible. About a year ago I stopped.
I started up making payments again in the last 6 months but they told me to stop.
I owed them $31K.
They recently gave me a few options to repay.
1 – One time payment of $18K.
2 - $4K a month for 12 months
3 - $7K down and $2K a month for 12 months.
I can’t do any of these.
They say this will go to court and the judgement will go against me and I will have to pay the $31K from what corp assets I have at the time.
Here’s the twist. I am declaring Bankruptcy Chapter 7
. My wife names is also on the line of credit.
I’m not sure what to expect will happen with this.
Can you give me some thoughts.