Posted by Bill on May 16, 1999 at 06:24:04:
I just finished a Chapter 7. Nearly forty years of very good credit history was shot. Keep any hint of personal finacial dealings out of your business reorganization. It may be legal, I am not a lawyer, but as sure as the sun comes up every day, it will bite you sooner or later.
This is probably too late if foreclosure is underway. If it isn’t, seek the advice of credit counselors and lawyers who specialize in bankruptcy. Their adivce may conflict at times, but this matter needs a lot of knowledge to make the best decision for anyone’s situation.
I procrastinated, as usual, and did not spend enough of that waiting period gathering knowledge. I would have probably done what I did, but I would have been better prepared for the emotional fallout of the “solution”.
There are many smart people posting here. Listen to all of their opinions and ideas, but look inside yourself before implementing any life changing action.