In business for 15 years, very stable, great credit history (760). In 2008 just prior to the stock market collapse took a new business venture, ended by January 2009. Ultimately ended in a reposession, credit card debt, and 9 months of unemployment. Currently working about 70% of what I would consider normal (before the recession started). Working just enough to survive, no savings yet. Expecting things back to 100% by spring 2011. Have lots of equity in home and one piece of equipment. Credit score currently 437.
Where do I begin? The above information pretty much tells the story, so I won’t repeat it. We have been told by 3 attorneys that bankruptcy is not an option. They say chapter 7 is total liquidation, we would lose everything including our furniture and clothing. Then they stated chapter 13 repayment plan would be so high we could not afford the monthly payments. We are looking at $60,000 deficiency on the reposessed loader and after late fees and interest over $100,000 in credit cards. I cannot believe there is “no” help for us what so ever! We would gladly pay a resonable portion back, but in no way can afford $2000.00 to $3000.00 a month we have been quoted. They also suggested to get a home equity loan and pay back all we could with that, but with a 437 credit score, a reposession and nearly $100,000 in unpaid credit card loans another loan in out of the question! We are in a pickle to say the least and any advice would be appreciated.
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