Default of Secured Loan

[greywolf]

My corporation is in default of a loan and the secured item was sold several months ago. I have been making the payments for months but no am unable to continue the payments. The secured items were equipment and no DMV paperwork were required.
Now the companies are requesting I return the equipment but I don't have it.
What can they do and what should I do. I am filing personal bankruptcy but this purchase was via my corporation.

 

[Michael Wechsler]

At some point you are going to have to tell them the truth. What is happening with your corporation? I assume both you and the corporation are filing for bankruptcy and then the debt will take its due course.

 

[greywolf]

I am hoping to just dissolve my corporation without filing bankruptcy, The cost of BK for a business is quite expensive. The corp has no assets so I was told to just dissolve it???? Is this wise or not???
Thank You