More details to this question:
my business is under my trust name and my other assets are on personnel names and also under the trust name, if I file business bankruptcy does it effect on my home and rental homes. MY business is a Motel, I want to sell it but we may get less money than debt. what is the best method to do it, it is 504 Loan it got first lender and SBA lender. I am not paying SBA payments from last 3 months. I owe back property taxes also, I want to sell and paid off everything if we get less money I don't want to pay the difference from my pocket, because business is worth 1 million less than we paid. Please advise what is the best way to do it. Our business is in Indiana and we live in CA.
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This is a complex question and depends on total assets, liabilities, business structure, ownership and financial position. I would suggest retaining counsel for a smaller retainer ($300-750) than filing bankruptcy, to properly assess your situation and advise you on where to go from here. I have handled dozens of business debt workout situations and would be happy to help if you choose to retain my firm.
Thank you,
Andrew Thompson
THOMPSON LAW OFFICE
317-564-4976
Answered on Jul 31st, 2015 at 12:47 PM