Well, today we had our first consultation. I am trying to determine whether I have to do a business bankruptcy, or personal bankruptcy. Virtually all our debt is due to the business. It is unclear whether the business can keep operation or will need to close.
After the consultation, we determined we didn’t like the feel of this particular lawer, or firm. It appeared to be a wham-bam thank you ma’am type approach. He stated we would need to do a chapter 13 bankruptcy. (I’ll cover the different types in a future post) A chapter 13 is a repayment plan through the bankruptcy court. How much is repaid and how long of a period of time is determined by the court based on your disposable income.
He said basically the business would just have to close down and be liquidated. So now we wait for the other appointment.
Tags: bankrupt, Bankruptcy, bankruptcy lawyer, business bankruptcy, chapter 13, chapter 7, consultation, personal bankruptcy