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  1. #1

    Question Personal Chpt 13 And New Business Loan Opts

    My husband and I filed Chpt 13 in North Carolina 19 months ago (our total plan is 54 months). Our current employer is trying to sell us his business and his plans have changed twice. First we were going to acquire his business as is and all credit and assests that were in the business name. Now he has been advised for us to create our own corporation and absorb his business. With this option my husband and I have to get new credit (if we can) and basically start over. The company keeps up it's operating capital with a $100,000 line of credit and several credit cards it pays off every month.

    I understand that in order for my husband or myself to take out the line of credit loan, that we will have to petition the bankruptcy court. What are the chances, if we can even get someone to loan us the money, that the court would approve such a petition?

  2. #2
    Join Date
    Apr 2007
    Il.(near StL,Mo.)

    Default Re: Personal Chpt 13 And New Business Loan Opts

    We really can't say what your chances are. You will have to talk to the trustee or if you have a lawyer, have them talk to the trustee. It may very well not be approved but I can't say that for sure. See what your lawyer thinks.

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