I couldn’t get a loan for my small business and I endup using all my credit cards to cover team, supplies, trips for our team riders, rent, goods and services, some equipment, etc..
The business was as sole and all the card were on my name. So is my personal line of credit.
I was hoping that it will payback the bills and didn’t go that way.
I don’t have really enough to pay all this creditors.
Im sending late payments when I have the money to do it.
Can I file bankruptcy? Am I able to file for chapter 13?
I want to start fresh again.
You should go talk with a bankruptcy lawyer
Chapter 13 is for people who can pay off some of what they owe.
You can also apply for Chapter 7 if your debt is high enough since you used your personal credit cards. This usually cost less and stays on your credit report 1-2 years longer but you do have mostly everything wiped out.
Johnny..your best bet is to contact a good local bankruptcy attorney in your area to find out what you qualify for. Most will see you free the first time. They will want to see the last 6 months pay stubs, if in business..proof of a P&L statement should do, assets if any, list of all your debts, and last 4 years of taxes. You can view http://www.usbankruptcy.gov to find out more information about a bankruptcy filing. Depending on what you qualify for a Chapter 13 is for people that can re pay the debts and make too much money to qualify for the Chapter 7. The Chapter 7 is based on median income and requires a mandatory credit counseling course before and after the 341 Creditors Meeting. But, once again, a bk attorney can tell you what you qualify for. A fresh start would be a chapter 7….total discharge of debt and chapter 13 payment plan runs from 3 to 5 years, depending on income. What you qualify for depends on how much you owe and what you want to keep within the bk…vehicles, homes, both can be included in each filing, but…need to be current on the loan in a chapter 7 filing, and chapter 13 would run the pays thru the plan. Consult with the attorney and see how they can help you! Bankruptcy filing stay on your credit report for 10 years, debts for 7 years….Good Luck!!!!