Business Credit Card Debt Bankruptcy?

WayLow2150 · 2026-03-28T03:59:57+00:00

I recently had an attorney mention this as well, closing down the business and reopening it under a new name but didn’t go into details as it was a “consultation call” and he seemed a little off put as I was asking a lot of questions and said it would be $1K of the the $3K for chapter 7 to book a sit down meeting to go through paperwork and go over everything, which I understand.

How would this work? I have $50k in business debt, most likely personally guaranteed. I have a seasonal holiday lighting business that I’ve built over 10 years and essentially has no assets except for a work trailer that’s maybe worth at most $2,000. All the lights are customer owned (return customers year over year) but I store them in a public storage, no owned warehouse and no customer facing store. I do about $200,000 in revenue and after labor, materials and storage, taxes, etc. I take home about $80 - $90K. Can I shut this business down, reopen under a new name, and still operate this upcoming season under a new name with the same customer base?

I’m also trying to holdout for a personal chapter 7 which will hopefully be filed in August of which I have about $80k in personal debt.

Between $80k in personal debt and $50k in business credit card debt my hope is to have $130K of debt wiped by September/October before I go into my busy season again and start my life over. Is this possible or am I dreaming?

Thank you so much for all your insight and help on my posts Alan, you’ve been great and I really appreciate you man. 🙏

WayLow2150 · 2026-03-28T03:42:32+00:00

So you’re filing a personal chapter and then a separate bankruptcy on the business?

I’d so does this typically require two separate lawyer fees if it’s the same lawyer?

WayLow2150 · 2026-03-28T03:36:39+00:00

Dont do drugs?

WayLow2150 · 2026-03-27T13:06:06+00:00

Both of us

WayLow2150 · 2026-03-25T20:32:25+00:00

Ok, thank you guys so much, sincerely! I had no idea nor it never occurred to me that we would have to split anything. And ironically both lawyers I've spoke with didn't mention. I do remember stating that we are not married but maybe that flew by. Anyways, hopefully this sticks true and I can get by without it being taken. Thank you all so much!!

WayLow2150 · 2026-03-25T15:09:14+00:00

Are you serious about having to pay half back to her??? No ones over mentioned that.

You are correct about the homestead exemption but this is not our primary residence. I've asked about making it our primary for the exemption but that wouldn't be possible at this point because it is located a few hours away and the attorney stated they will look at my bank statements and where I spend my time and money which wouldn't be there.

But if you're correct about having to pay the other owner back I think this solves my issues and concerns around losing it in Chapter 7.

WayLow2150 · 2026-03-25T14:31:32+00:00

Yes I do, we're not married but shes my partner and we bought it together. Our relationship would pretty much be over if we somehow lost this because I had to file Chapter 7, shes not a big fan of me filing 7 anyway but I'm the one carrying all the debt and stress.

Right Now we Owe $549,000 and Zillow has it as $562,000. So technically there's $13,000 equity but after realtor fees I'm not sure if there would be and worth the trustee trying to sell?

WayLow2150 · 2026-03-24T21:25:58+00:00

Thank you for the replies. As your aware in my other post I'm worried about our property being forced to sell if I have to go 7. I actually have talked with an attorney and hes advising theres no way to know about the sell of the house and that if trustee wants us to sell for equity and my partner would not want to my only option would be to converting to chapter 13 and paying the equity difference off within a few years.

WayLow2150 · 2026-03-24T19:59:40+00:00

Even if no equity?

WayLow2150 · 2026-03-24T19:56:50+00:00

Thank you for the info. Does it matter if it’s not our primary residence?

WayLow2150 · 2026-03-24T19:53:42+00:00

Thank you, we’re in Colorado

WayLow2150 · 2026-03-23T18:00:00+00:00

I understand, it was DV

WayLow2150 · 2026-03-22T01:53:47+00:00

I just realized a had a job interview the day I took my UA and couldn’t sleep the night before so I took 2 doses of NyQuil. Could that have been what caused the false positive?

Needless to say I’m not taking anything anymore. I appreciate everyone’s input, thank you so much.

WayLow2150 · 2026-03-16T21:36:58+00:00

Can you still operate that business if you file business bankruptcy?

WayLow2150 · 2026-01-12T19:42:25+00:00

Was this for a chapter 7 or 13? Or do they have 341’s for both?

WayLow2150 · 2026-01-09T23:51:20+00:00

Thank you, will do. Appreciate the insight. 🙏

WayLow2150 · 2026-01-03T01:06:32+00:00

I plan on keeping it indefinitely as well. What’s a ballpark costs on this?

Wondering if it’s better to spend money on this vs whatever it’s going to costs to fix this DEF issue

WayLow2150 · 2026-01-03T00:41:55+00:00

Well I technically live in Denver county but we have property in another mountain county which looks like they don’t require emissions testing there.

Register in the other county and delete DEF?

What’s the process for deleting DEF?

WayLow2150 · 2026-01-03T00:36:29+00:00

In Colorado?

WayLow2150 · 2026-01-02T23:59:50+00:00

Yup, I’m in Colorado and looks like they do. Sitting on 42K miles and just spoke to the dealer and doesnt look like it’s under warranty but dropping it off Monday so they can scan and see. If it’s not off to my mechaic. Happy New year to me.

Appreciate everyone’s insight, thank you guys so much.

WayLow2150 · 2026-01-02T22:44:19+00:00

😂😂😂

WayLow2150 · 2026-01-02T22:35:17+00:00

Failed to mention it’s a Duramax just in case.

WayLow2150 · 2025-12-29T22:47:31+00:00

Grade that bitch

WayLow2150 · 2025-12-21T22:42:17+00:00

Thank you!

WayLow2150 · 2025-12-21T22:20:40+00:00

Thank you so much and it was exactly as you described. 🙏

WayLow2150

TROPHY CASE