Re: Bankruptcy Options

It sounds like bankruptcy would be a good option for you, provided your entire situation is reviewed to be sure there are no surprises.

Regarding the landlord, if the lease (for the business?) is included in the bankruptcy, along with your personal guaranty on it, if any, your debt should be discharged as well.

Re: Bankruptcy Options

Let me first clarify, I assume where you asked if bankruptcy will keep the landlord from coming after you, you intended to ask if it will keep your lender on your home from coming after you. You are definitely a candidate for bankruptcy relief, however, you need to meet with, and discuss all of these facts with a qualified bankruptcy attorney. The first question is going to be how was the business structured - as a sole proprietorship, or as a corporation or LLC. The credit card debt the company has may or may not be included in your filing depending upon how the company is organized. Second, the HELOC on your home is your personal obligation irrespective of the fact that it was used to fund the business. I strongly encourage you to contact a local, qualified bankruptcy attorney to discuss your options, as clearly it is something you need to consider to resolve this situation.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.