Business Bankruptcy Law | Small Business Bankruptcy Laws

All right I know its a little long but if you could just take a minute to read any advice would be helpful.Two years ago me and my husband and or 2 kids moved to VA to be a part of my mother- in- laws business. We were under the impression that everything was going ok and they needed my husbands help because the company was growing so fast. They owned a home that my family moved into and within a month my in-laws had it appraised. It was appraised for 0,000. So they decided to remortgage the house to get a loan for the company. They did not qualify due to all their personal debt so my husband signed and they co-signed. It ended up not working out up there for us so me and my family moved to TN and for a year they have paid the house note moved back in and all was well. Recently they called and said they were selling the company, the IRS was taking all the money from the sell, they had taken out a 2nd mortgage on the house without my husbands signature but the bank was under the impression that the paperwork was being faxed to him to sign – we had no idea this was going on. They want us to file bankruptcy so that they walk away , I think we need a lawyer but I just dont know where to start. Any thoughts???

Over 50 years old. No retirement, but will inherit 40 acres of wooded land. Do I need an life insurance policy?

Own a VERY SUCCESSFUL RESTAURANT BUSINESS (15 YEARS) ,,,not the real estate THOUGH. Have ,000.00 saved from it. DOING OVER A MILLION. THIS TYPE OF BUSINESS IS NEVER REAL SECURE.

Have ,000.00 saved in my personal

Have a ,000 savings bond.

Owe ,000 in student loans

Buying home, have 0,000 left on mortgage. Need to refinance right now people are telling me. I have an arm? and my payments are getting ready to go way up. Have owned this home for 3 years. My previous home I had for 17 years.

Credit score in the 700’s, but I can’t get the Bankruptcy off my credit report which was paid off almost 7 years ago to the day.
And it wasn’t even a Bankruptchy, it was a reorganization of my bills, through a lawyer, I THOUGHT.

HELP!!

All right I know its a little long but if you could just take a minute to read any advice would be helpful.Two years ago me and my husband and or 2 kids moved to VA to be a part of my mother- in- laws business. We were under the impression that everything was going ok and they needed my husbands help because the company was growing so fast. They owned a home that my family moved into and within a month my in-laws had it appraised. It was appraised for 0,000. So they decided to remortgage the house to get a loan for the company. They did not qualify due to all their personal debt so my husband signed and they co-signed. It ended up not working out up there for us so me and my family moved to TN and for a year they have paid the house note moved back in and all was well. Recently they called and said they were selling the company, the IRS was taking all the money from the sell, they had taken out a 2nd mortgage on the house without my husbands signature but the bank was under the impression that the paperwork was being faxed to him to sign – we had no idea this was going on. They want us to file bankruptcy so that they walk away , I think we need a lawyer but I just dont know where to start. Any thoughts???

Four of us have given 25K each to a business which is run by three people for last 2+ years and for past 9 months, they have stopped paying interest and now they are not giving our principal back. Two of three are filing bankruptcy. They have all given personal guarantees but now refusing to pay back. They claim that the business is closed and bank is after them as they have taken a huge mortgage. Please recommend some good collection attorneys and also advise alternatives.

My problem is that the company is offering a severance of 1 years pay in weekly installments. I think I may be between a rock and a hard place. My lawyer thinks we may have to wait almost a year before filing, as this severance may be an asset. I am sickened by this as I have not been able to pay any bills, other than my mortgage, for almost 6 months. I had hoped to start a business ( using my weekly "severance ") to get by while getting started. Any comments or ideas ?

My husband and I have always had perfect credit until a business failure 2 years ago. We had to file for bankruptcy (it was discharged 1 year ago). Does anyone have names of reputable lenders willing to do a small loan — maybe ,500? We have been almost a month behind on our mortgage for a year now and I can’t seem to catch up. Also, part of the $$ would be for a down payment on a car. We would try to refinance or get a home equity loan but due to the fact that it is a manufactured home (on 5 acres) lenders seem to turn up their noses on us — especially since our credit ratings have suffered due to the BK, etc. Any suggestions?? Thanks – linbad

2 years ago my husband and I filed bankruptcy, we had a small business that failed. We had a mortgage on the building we ran the business out of, that mortgage was included in the bankruptcy, in March of 2006 all of our debt was discharged, the loan officer we did business with came to our home and asked for the keys. Which I gladly gave her. Well in June of 2007 we were served papers saying that the city was suing for back taxes and maintance of the property. Our lawyer says that we still own this property because the bank never foreclosed on it. We now have a 0.00 lawn maintance bill, 00.00 back taxes, and had to give our attorney a 0.00 retainer, and he says the bank has done nothing wrong. This doesn’t seem possible to me. Any advice would be appreciated.

H.R. 1106 has a clause allowing one to put their primary residence into a bankruptcy, therefore lowering the monthly payment to an affordable one. At this time the wealthy can put a vacation home, boat and airplane into a bankruptcy.
I am 71 years old diabetic with congestive heart failure. I have lived in my home for 36 years. 10 years ago I went to my bank asking for a business loan. The banker suggested I take the equity out of my home and and change my loan to an adjustable loan. For the first 3 years it was fine. However my business failed and I’m on social insecurity. I have emptied my savings, sold my furniture and jewelry to pay the ever increasing mortgage. My monthly income is 3.00 a month and my mortgage now is 23.00 per month. If I cannot get help from the courts, my only other alternative is suicide.
To the best of my knowledge H.R. 1106 was passed by the senate and sent to the congress last week and is stil sitting there.