Thread: business bankruptcy

My husband and I are trying to file business bankruptcy in Illinois . It's Chapter 7 and our attorney said the formula is that 51% of our total debt has to be business debt. I have student loans that I co-signed for my son. They are deferred while he is in school. I know they can't be discharged in bankruptcy but my question is, do they count when I'm totaling our personal debt. They aren't my debt unless he defaults and they're not even due yet. Can anyone answer this?

You have posed a very interesting question regarding classification of student loan debt when you sign as a co-signor and how that affects a business Chapter 7 bankruptcy.
I will present this question to our bankruptcy attorney and supply an answer next week.

One of the paths you may avail of in times of bankruptcy is filing it under Chapter 7. Chapter 7 bankruptcy is also called a

If your a cosigner and that debt is non-dischargeable, I don't think it really matters. The debts actually belong to your son even though you cosigned on them.

I didn't face such situation yet, I think i have to ask my seniors.

First of all, is it possible to reaffirm one credit card, such as American Express, while discharging all the others? Will Amex just cancel the person if they try to do this?Secondly, I purchased a motorcycle as a gift for this person last year, but it is not her primary vehicle. Is there a way to get it put into my name so it isn't taken away since I paid for it in cash? As it was a gift, it was titled in her name only, but wasn't purchased using the debt she's trying to get out of.Third: She hasn't filed taxes in at least 2 years that I know of. She's self employed and doesn't keep track of her income. What will this mean for her? Can she go back and file now, will this hinder the process?

Your business probem may be in a position where you may be struggling with sales or lack of new business coming in and you cannot see the way ahead, coupled with the fact that you may not been paid on time, or even at all by debtors. You can ask help and guidance from the expert Cincinnati Bankruptcy Lawyer. We have the same problem, through their helping hands my problems has been solved.

Co-signed debt is your debt as soon as you co-sign, but student loans should not affect your debt ratio. You will need to run this by an attorney, it may vary in different states.

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That is a very attractive question....but the problem is,is'll never face this type problem....so i want to disscuss this matter in a our law firm....thanks for sharing

Business Bankruptcy

I appreciate the concern which is been rose. The things need to be sorted out because it is about the individual but it can be with everyone. I like this particular article It gives me an additional input on the information around the world Thanks a lot and keep going with posting such information.
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Debt Problems