[BlueInanna]

My dx is bpII, I've been the Vice President of our family business for almost 20 years. We have to file bankruptcy, I cannot pay personal bills either. I have no assets except a beat up Yukon SUV. I've got 3 kids: 18 & 17 both with bp dx and history of hospitalizations, and an 11 yr old in sped for visual processing disorder and speech impediment. I'm 39 my life is falling apart. This business was important to me to say the least, and I'm losing a lot of money I'd invested over years. I run biz with sister bpI, she says my depression and med side effects are what brought us down, I'd have to say her manic spending on personal expenses like her trip to Europe, were our downfall. She's set up, owns her own house, and will just move on to another high paying job. But my mom and I are too high in debt and not employable as I see it. I plan to begin talks with bankruptcy lawyers tomorrow - if I can pay them right....

I'm afraid and don't know what to happen to me. Maybe I file for unemployment first to see if I can work somewhere, or there's temp disability I think?? I think bp depression crying spells nonstop can't get out of bed or shower or clean. I've done everything I can think of to save my business but it's over and I'm broke and I'm a wreck. My sister/biz partner went as far as too steal my airline sky miles, it's sickening to me.

I'm at such a loss how to do all this and where to go from here. I'm scared, would love some advice thanks.

[shortandcute]

I'm sorry that you're going through all that.I wish I had some good advice to give you, but I'm not sure where to start; and money/business management isn't exactly my "specialty." But I am sending hugs your way and keep us posted, ok?

Blue

I think the first thing you need to do is call a bankruptcy lawyer. I'm pretty sure the first visit is free. I know the laws have changed, but I think this is the first thing to do. They will be able to help you with some of the other questions you have.

I wish I had more advice for you. I went through a chapter 13 back in 2004 where I paid back 90% over 4 years, but the laws are different now. The first step is the hardest part. The meeting with the lawyer will help settle all of the chaos and unknown running through your mind right now.

[BlueInanna]

Looks like I have another chance to save my business, trying to think positive and working my butt off. I wonder if I have to end up filing bankruptcy, could I still get any student loans and go back to school? Things are so unstable but I'm determined.

Originally Posted by BlueInanna

Looks like I have another chance to save my business, trying to think positive and working my butt off. I wonder if I have to end up filing bankruptcy, could I still get any student loans and go back to school? Things are so unstable but I'm determined.

That is good news Blue!
I hope it works out!

I'm not sure about how a BR affects student loans...

[Confusedinomicon]

I would be careful about getting school loans unless you know you can pay them off. It's *extremely* difficult to file any type of bankruptcy on the loans and deferring loans is dangerous. You may qualify for scholarships and grants to get retraining though. (Always safer because money is given to you!)

I really hope that you're able to save the business. I've been keeping you in my thoughts.

[BlueInanna]

I would be able to pay them off when the student loan matures or however these type work, i would plan ahead to pay loans, but I'm wondering if I could even get student loan if I end up with bankruptcy on my record? Trying for grants first of course. I likely qualify for some grant. But doubtful grants would cover expenses, student loan would be best so I can really focus on school. Idk it's all so up in the air. My first choice is save my business... Next couple weeks will have more answers from banks I'm applying for biz loans.

[peterhain]

You can go for any consumer proposal firm in Toronto like Kevin Thatcher & associates nearby your area.They will help you to solve any kind of issues related to bankruptcy.

[Rose76]

Sorry, Blue. It's a lot to deal with, but you can get through it. I would recommend that, first of all, you get financial counseling. (The new laws actually require that.) Just make sure you do not get it from a place that makes money doing it. There are non-profit agencies that are good to go to who will steer you straight. I wish I had a link for you. If I find one, I'll share it here. Years ago, I went for counseling and it was the counselor who urged me to file for bankruptcy. I ended up doing it by myself, without the help of a lawyer. It's mainly a matter of meticulously filling out tedious forms. But I didn't have a business, so yours might involve things I don't understand. (Mine was strictly uncollateralized consumer debt.) Having no assets can actually be a reason for you to feel a bit more relaxed. You have nothing to protect.

I just saw something above referencing Canada. If that's where you are, then I hope more fellow Canadians will respond. I'm in the USA, so the laws could be different. Probably a lot of the big principles are the same. Down here there is a statute of limitations (different for every state) that tells how long before debts become uncollectable. Where I live, it is about 4 years. Be careful about what you say to any creditors who call you. Don't agree to even try to repay, if you expect you will be unable to do so. Making a new agreement about a plan to pay them can push that statute of limitations date further into the future. Sometimes, the most straightforward thing to do is just to default and let the time run out that makes your debts uncollectible. Again, your situation is more complicated by having a business. Down here, you can stop the phone calls from creditors just by writing them a letter saying that you forbid them to telephone you any longer. It's a request to "Cease and desist." Of course they can still write to you, and they can still sue you. The judge can rule in their favor, even if you have no assets. That might be a good reason to pursue bankruptcy. Once you lose a lawsuit, the debt might not be dischargeable in bankruptcy. (I don't know.)

It sounds like a hard time in your life. Still, the day will come when it will be behind you. In the meantime, you and the kids have to eat. If you manage that from one day to the next, then give yourself a pat on the back.

[BlueInanna]

Thanks Rose, yes I'm in U.S. things are still uncertain. I'm still trying to save it but I'm falling fast. Potential silent investor but nothing is happening fast enough, it's so horribly stressful. It will be whatever it will, I know I worked my butt off.

So my immediate stress is that I'm awaiting a fed tax return and after 1 week it's still not deposited... Praying for it to go in tomorrow, we're running out of canned foods!

I can't exactly go for a new job until current biz is sorted, such uncertain times

[anneo59]

Originally Posted by BlueInanna

My dx is bpII, I've been the Vice President of our family business for almost 20 years. We have to file bankruptcy, I cannot pay personal bills either. I have no assets except a beat up Yukon SUV. I've got 3 kids: 18 & 17 both with bp dx and history of hospitalizations, and an 11 yr old in sped for visual processing disorder and speech impediment. I'm 39 my life is falling apart. This business was important to me to say the least, and I'm losing a lot of money I'd invested over years. I run biz with sister bpI, she says my depression and med side effects are what brought us down, I'd have to say her manic spending on personal expenses like her trip to Europe, were our downfall. She's set up, owns her own house, and will just move on to another high paying job. But my mom and I are too high in debt and not employable as I see it. I plan to begin talks with bankruptcy lawyers tomorrow - if I can pay them right....

I'm afraid and don't know what to happen to me. Maybe I file for unemployment first to see if I can work somewhere, or there's temp disability I think?? I think bp depression crying spells nonstop can't get out of bed or shower or clean. I've done everything I can think of to save my business but it's over and I'm broke and I'm a wreck. My sister/biz partner went as far as too steal my airline sky miles, it's sickening to me.

I'm at such a loss how to do all this and where to go from here. I'm scared, would love some advice thanks.

I can relate. Don't worry bout sis, but don't let her sabotage. Just move forward from where you are! And hang in there and count blessings and enjoy the little things. I know it's hard, I'm sixty years old and have been fighting this fight many years! The best!

[anneo59]

Originally Posted by YYZadd

Blue

I think the first thing you need to do is call a bankruptcy lawyer. I'm pretty sure the first visit is free. I know the laws have changed, but I think this is the first thing to do. They will be able to help you with some of the other questions you have.

I wish I had more advice for you. I went through a chapter 13 back in 2004 where I paid back 90% over 4 years, but the laws are different now. The first step is the hardest part. The meeting with the lawyer will help settle all of the chaos and unknown running through your mind right now.

great advice here!

[chumchum]

Originally Posted by BlueInanna

Looks like I have another chance to save my business, trying to think positive and working my butt off. I wonder if I have to end up filing bankruptcy, could I still get any student loans and go back to school? Things are so unstable but I'm determined.

I filed for Ch. 13 last year and I am back in school full-time. I get Pell Grants and Stafford loans as well. There is life after bankruptcy! I actually feel better than I have in a long time in regards to my financial life and my future. I wish you the best and I know it will all work out for you. It may not feel like it now, but speak goodness and prosperity and it will come yo you.