Indy17 Posted August 9, 2018 Report Share Posted August 9, 2018 Hey everyone, I am having trouble knowing what to do with the debt that I have. I have been trying to avoid bankruptcy, but I don't know what's best to do anymore. I have settle two credit cards for 30% and 40% of the balance. I have two court cases that add up to around $7,000. Those cases are from Primary creditors so I am trying to settle them. I have 3 more cards that are in debt collector hands. I have gotten letters from two of their law offices. The total of there balances is around $14,000. I still have more debt out there of about another $10,000 I do not have a lot of assets. I drive a beater. I do have a partnership LLC, that is worth money. We are in the middle of trying to sell it. It could sell for around 100K. I also have money in savings. I have about 8k cash. I am self employed, I know ways to protect my assets in a LLC structure. I have also considered moving to a state with could debtor laws. I do not want garnishment or seizing of my property. Being "cute" with LLC shell companies to protect assets may raise the wrong eyebrows. Does anyone know what my best options are? Who is the professional I should speak to that could help me figure some stuff out? Quote Link to comment Share on other sites More sharing options...
Clydesmom Posted August 9, 2018 Report Share Posted August 9, 2018 25 minutes ago, Indy17 said: I know ways to protect my assets in a LLC structure. And skilled creditors know how to pierce the corporate veil and undo the fraudulent transfer of assets. This is not a good move if you can avoid it. 27 minutes ago, Indy17 said: I have also considered moving to a state with could debtor laws. Which might not protect you from lawsuits for 6 months. If they sue prior to your moving you would have to return to Indiana to defend. It would be good for future protections. 28 minutes ago, Indy17 said: Who is the professional I should speak to that could help me figure some stuff out? A good bankruptcy and business attorney. Quote Link to comment Share on other sites More sharing options...
Indy17 Posted August 9, 2018 Author Report Share Posted August 9, 2018 Thanks Clydesmom, I would form a legitimate company in WY. I have a company there already. They have laws that make in very very difficult to get personal debt from a company. I will look into bankruptcy attorneys. I just didn't have the trust factor working with them. I assumed they would pressure me to declare bankruptcy without full disclosure or investigating all other options. @Clydesmom Quote Link to comment Share on other sites More sharing options...
Clydesmom Posted August 9, 2018 Report Share Posted August 9, 2018 1 hour ago, Indy17 said: I assumed they would pressure me to declare bankruptcy without full disclosure or investigating all other options. If you go to a bankruptcy "mill" they will. If you go get 2-3 consults from respectable BK attorneys they will not. Quote Link to comment Share on other sites More sharing options...
Indy17 Posted August 9, 2018 Author Report Share Posted August 9, 2018 How do I find "respectable" BK attorneys? @Clydesmom Quote Link to comment Share on other sites More sharing options...
Clydesmom Posted August 9, 2018 Report Share Posted August 9, 2018 1 hour ago, Indy17 said: How do I find "respectable" BK attorneys? Do NOT use any that advertise on TV, Radio, billboard or bus stops. Cut rate services, half price BK etc. NOT worth it. You can use Yelp or other review sites. I have used lawyers.com and searched for an attorney. Twice I have used a five star peer rated attorney and received excellent representation at a reasonable fee. Quote Link to comment Share on other sites More sharing options...
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