mkr_00 Posted November 9, 2005 Report Share Posted November 9, 2005 My brother was asking me what I thought he should do about his credit. He owns his own company and makes good money. He has a house and a boat and a couple cars that are all paid for. His credit was trashed when his wife fell ill. She passed away 2 years ago and was in ICU for several months. Her medicals bills racked up to several million dollars. He could never pay that off so he hasn't even tried. But he needs credit cards for his company and can't get them due to his credit. What should he do?Thanks Link to comment Share on other sites More sharing options...
LadynRed Posted November 9, 2005 Report Share Posted November 9, 2005 He's in a very tough spot, especially so with the new law. With a couple MILLION in medical debt he's WAY above the max for a personal CH 13, and Ch 7 is certainly out of the question. His only other option is CH 11, which most individual's can't do because of the cost - which is even worse now under the new law. He needs to speak to a BK attorney, one who can handle an individual Ch 11 w/o hurting his company. Is he personally guaranteeing cards for the company cards ?? Is his company incorporated, LLC, sole-proporieter ?? What state is he in ??? Link to comment Share on other sites More sharing options...
mkr_00 Posted November 9, 2005 Author Report Share Posted November 9, 2005 He is in Texas. It is a small business with 5 employees i think. I think he is garunteeing the cards. I will recommend this site to him. Thanks Link to comment Share on other sites More sharing options...
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