I own 2 businesses and wife owns a biz. I’m about to lose 1 of the businesses I bought on land contract. I put some personal items as collateral (2 Atv’s and a flatbed trailer).

My other business has been supporting the business that I bought on land contract. They are BOTH not doing well now…. I am NOT sure IF I can get the 1st biz to survive because of debt.

If we give back other business, we are going to probably have to file for bankruptcy.

If we file for bankruptcy, what happens to personal items I guarenteed to the land contract?

What about my wife’s business assets? Her business is doing fair.. but has a few automobiles.

We personally are not doing well and have fell behind in bills also, so personal bankruptcy is likely. We are trying to do loan mod on mortgage.

Technorati Tags: atv, automobiles, business assets, collateral, flatbed trailer, land contract, mortgage, personal bankruptcy

In 2001, we signed a deal with an auto consignment dealer that they would sell our 2000 Pontiac Grand Am for 250, which they did later that year. However, about a week after they sold it, they declared bankruptcy themselves, which left quite a few car owners pretty ticked. In all, I believe they had sold 60-70 automobiles, kept the money, and then filed bankruptcy. So basically no one got paid after they had sold their cars for them. My husband and I had a loan for the car through GMAC, which we continued to pay while it was at the consignment dealer. However, after the car was sold and we realized we were not going to receive any money, we realized that we would not be able to afford to pay GMAC 000 for a car we did not have (this was why we were selling in the first place). So our loan defaulted and we were forced to file bankruptcy in 2005. Our case was closed and all debts discharged on July 29 of 2005. Today, I just finally received word from the trustee of the consignment dealer’s bankruptcy case, stating that we should get 0 out of the settlement (about 6% of the 250 they owed us). Now my question is ths: what do I do when we get the check? Is it supposed to go to GMAC or have they written this off as closed since the bankruptcy was closed? I am going to try to call our bankruptcy lawyer in the morning, but if I remember correctly, he’s somewhat hard to get ahold of, so I thought I would check to see if anyone knew on here. Thank you so much for any help you have.

Technorati Tags: ahold, auto consignment, automobiles, bankruptcy case, bankruptcy lawyer, car owners, cars, debts, gmac, grand am, money, pontiac, pontiac grand am, trustee