Legal Question in Business Law in Hawaii

I would like to know one thing: What kind of attorney should I take my questions and concerns?

Here is my situation. My wife and I have made some foolish decisions and have thus created a rather large sum of debt. We also have a business that we are getting very close to launching. My hope is to someday soon generate a large enough income to repay all my debts, though I know that it may be overly ambitious to do so.

My question regarding this situation is whether i should file for bankruptcy before moving forward with my company, making it easier on myself, or should i try to find some sort of comprimise (which i have already tried to do).

What I dont know is what kind of attorney I should take this to. Thank you very much for your time.

Asked on 6/09/10, 2:25 am

1 Answer from Attorneys

Kevin B. Murphy Franchise Foundations, APC

An attorney will say this is not really a legal question. It is more of a financial planning issue. You should consult with a financial planner - debt counselor. Starting with a clean slate is always good, but then you will have a bankruptcy history. A debt counselor may be able to get the creditors to reduce what's owed to the point where a repayment plan is viable. You can consult with an attorney in your area for specifics or contact a debt counselor.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 6/09/10, 6:29 am

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