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I've been shopping for Chapt 7 attorney. So far I've visited 3 law firms, in which, two of them I ended up seeing paralegal taking info to setup yet another appointment with actual attorney for fee (so much for free initial consultation).
One paralegal didn't speak English very well, so I had hard time understanding her. Needless to say, I didn't get much information and won't be going back there.
2nd paralegal, was nice and gave me, sort of assurance, that I won't be loosing any of my properties (although I own home, land, and commercial properties). But she couldn't tell me anything until my 2nd appointment with actual attorney w/ 28yrs of experience for $200. Which is set for Thursday.
3rd was actual attorney, and he actually gave me prices to his fees upfront. He did most of the talking about the process, but didn't clear my question or should I say he answered it so vaguely that I was confused even more. Then towards the end he brushed me off. Regardless, I got to see an attorney, so he may be my pick.
This is my situation, and looking for answers so I can tell my attorney what I want:
I have a 14 year old business, incorporated in Texas. Accumulated about $90K in credit card debts to company credit cards (all unsecured). Also accumulated about $90K on my personal credit cards (all unsecured) that was used for business. Yes, business has been harsh past few years.
I am considering Chapt 7 for business only because I can manage my personal credit card payments. I've got different responses from everyone, debt settlements, two Chapt 7 for business and personal, Chapt 7 for business and Chapt 13 for personal, just shutdown business and Chapt 7 for personal only.
My dilemma is that I own Home (still has little balance left), land (fully paid), commercial building (fully paid), all in my personal name. I don't want to loose them, that is why I'm considering Chapt 7 for business only and manage my personal credit cards.
I was told that credit card companies can come after me personally even though the cards are in company name. Not sure but some may even have me as personal guarantor. And that is the reason one law firm suggested two separate Chapt 7.
If I sell one of my commercial property, I can pay all the credit cards, but no buyers in past few months it's been on market, and in current market I don't see any buyer near term. And I probably won't get much from the bankruptcy trusty.
Other suggestions about debt settlements, I've read some horrible stories online. Not only the settlement company makes all the money, while little settlement is done, same damages to my credit is inevitable. So why bother...
My questions are:
1) Filing Chapt 7 for business only - if card companies come after me, what chances are there that Texas Incorporation can protect my personal asset? What good is incorporating if it can't protect me?
2) As stated by that paralegal, can all my personal properties be protected even if I file personal Chapt 7? I thought, something like your main home, cars, and up to so much of your personal items are protected..
3) I've lend over $40K to the business during past 6 years, which the business supposed to pay me back monthly, but has not for years. And also the building used for business is my personal property which was leased to business, but has not paid the rent for years. Can I have business to pay me for these fees just before Chapt 7?
4) I've incorporated new company, which I'm getting ready to start fresh in current building with same phone numbers, as Chapt 7 will be processed for other company. Is there legal problem doing so?
5) One firm suggested, just shutdown the business, start another one, then file just one personal Chapt 7. Wouldn't this refer back to question 2?
There were so many questions, but I couldn't get them answered. Please help....
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