Personal bankrupcy and LLC - Posted by Thomas

Posted by JohnBoy on January 01, 2004 at 13:02:11:

Filing BK over this small amount of debt is plain dumb! Unless you are looking at several hundred thousand to over a million in debt, it is not worth filing BK and ruining your credit over.

Take the property you don’t want and sell it on terms. Get $5k - $10k down and use that to pay off the credit card debt. Create a nice monthly cashflow off the property.

Heck, you can find a couple of deals to flip and get the $10k to pay off the credit card debt. Sell the property on terms for $135k - $150k, get several grand down, charge a few points higher than your rate is on your loan, collect a couple hundred per month in cash flow, and save your credit and other two properties!

Personal bankrupcy and LLC - Posted by Thomas

Posted by Thomas on December 30, 2003 at 24:00:07:

If you have 1 property in your own name. I want to dump this property and my credit card debt.

And 2 property’s in LLC’s with private financing in place.

Can I file bankrupcy and get rid of the property in my own name and get rid of the credit card debt. WITHOUT getting rid of my 2 LLC properties.

Re: Personal bankrupcy and LLC - Posted by JohnBoy

Posted by JohnBoy on December 30, 2003 at 21:23:46:

Yes and no!

Just curious, how much is the property worth you are wanting to dump and how much is owed on it? How much credit card debt are we talking about here?

Re: Personal bankrupcy and LLC - Posted by Thomas

Posted by Thomas on January 01, 2004 at 12:21:25:

Property wanting to dump is 135-140. Owe 124.

Credit card debt is 10,000.

Re: Personal bankrupcy and LLC - Posted by Gavin Wilkinson

Posted by Gavin Wilkinson on January 01, 2004 at 15:49:31:

Where is the property and tell us more about it. Sounds like you should sell the property for 10k down and pay off your credit cards and save your credit rating.