We need advice on which Bankrupsy we should file?
When I married my husband 7 years ago his two fast food business (One a franchise) were $40,000 in idept to his mothers estate. When she died he took out a loan & paid the debt off to his his brother & sister giving them each $20,000. Then a Casino was built and business's all over this small struggled financially to stay in business. Many have either sold or gone bankrupt. My husband has owned & managed these business's for almost 29 years! For all those years they were very profitable. He began having to barrow money here & there thinking business would pick up so he could get the debts paid off & sell. It didn't get better only worse! He is 62-yrs old & didn't plan for retirement & now we are forced into bankrupsy with no retirement for him! His thinking was much different than mine would have been. He felt that his business's were doing great & that would be his retirement! We recieved notice that the business are being auctioned off in just a couple weeks!
We were advised to seek out counsel from a paticular Attorney which we did but we are worried about his counsel! Several people have told us that he doesn't have integrity. We are 500,000 in debt, he said we need to file a chapter 13 & others think we should file a chapter 11.
Could you tell me the differece between the Two & which one would be the best! I would very much appreciate it as time is running out & we are becomming more & more confused!
When I married my husband 7 years ago his two fast food business (One a franchise) were $40,000 in idept to his mothers estate. When she died he took out a loan & paid the debt off to his his brother & sister giving them each $20,000. Then a Casino was built and business's all over this small struggled financially to stay in business. Many have either sold or gone bankrupt. My husband has owned & managed these business's for almost 29 years! For all those years they were very profitable. He began having to barrow money here & there thinking business would pick up so he could get the debts paid off & sell. It didn't get better only worse! He is 62-yrs old & didn't plan for retirement & now we are forced into bankrupsy with no retirement for him! His thinking was much different than mine would have been. He felt that his business's were doing great & that would be his retirement! We recieved notice that the business are being auctioned off in just a couple weeks!
We were advised to seek out counsel from a paticular Attorney which we did but we are worried about his counsel! Several people have told us that he doesn't have integrity. We are 500,000 in debt, he said we need to file a chapter 13 & others think we should file a chapter 11.
Could you tell me the differece between the Two & which one would be the best! I would very much appreciate it as time is running out & we are becomming more & more confused!