should I file bankruptsy????

furnitureworldbe · Joined: 06 Oct 2009 Posts: 1 1.33 Dollars($)

I have a furniture store with approximately 150K worth of furniture unsecured. My business is not good. I have 4 properties. 2 which aren't worth keeping and two that are. Should I sell my furniture off and put it in a sock and then . I have `120K of unsecured debt and credit cards. They are late. My house has about 70K equity and I have a duplex with about 100K equity. Can I sell the duplex and keep my house and my furniutre money. ?????? What kind of chapter shoul I file. My other 2 properties are my store and a warehouse which will be impossible to sell.

jenkin7 · Posted: Wed Oct 07, 2009 12:36 am Post subject:

Hi furnitureworld,

Which two properties according to you are not worth keeping? The duplex and the warehouse, I guess. The duplex still has got $100 worth of equity. If you do not want to keep it, you can sell it off and use the money to pay off $120 worth of credit card debts.

The warehouse, I believe, is not paid for. Right? In that case, you can check out if you qualify for a chapter 7 or a chapter 13 bankruptcy. If you qualify for chapter 7, you can get the debt charged off and let the lender take over the warehouse. In case you do not qualify for chapter 7, you can file chapter 13 and pay off the debt through an affordable repayment plan over a certain a period of time. You can then keep your house and your furniture.

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