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7? 13? hard hit in real estate biz

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jen10001

Junior Member
What is the name of your state? NV

I own a small single-member LLC in the real estate field. Obviously, my business is being hard hit by the downturn. In addition, I have a gambling problem and have run through alot of cash (maybe 150K) gambling in the casinos hoping for my big break to try and turn the business around (I know, not the smartest thing to do).

Income 2005: -70000 (startup costs)
Income 2006: +50000
Income 2007: +60000
Income 2008: -50000 (estimate so far this year)

I owe 40K on a "business line of credit" that is obviously tied to me personally, have another $250K business line from a local bank (I owe about 200 and have to keep pulling money out to pay the bills), and credit card debt of about $40K. My residence is worth about what I owe on it (200K 1st and 135K 2nd), so I'll probably have to walk away from it as the market continues its descent here; I gave a vacant lot (worth maybe 100K) to a friend about six months ago who had lent me money to start up the business. Not married, no dependents, $1K beater car, looking to move somewhere with a lower cost of living. I can survive about another 8 months on the rest of my credit line, but not sure of my options, as I run a service-oriented business with very few hard assets other than a copier and some desks. I figure I can get a "real" job and make around 25K/year if I can get lucky enough to find a job, but that's not enough to come close to paying back any of my debt (or my mortgage). Should I continue to try and eek out a living and run up the rest of my credit line, or should I quit it all now and file bk? What are the benefits of filing now versus later? Also, is my friend going to have issues with the land I gave him or will it benefit me to wait a few months?What is the name of your state?
 


bigun

Senior Member
That property transfer will cause problems.
I've 2 suggestions. Quit using those cards and get a real job ASAP and, get yourself to an attorney. You may need to wait a couple of years to file due to the transfer.
 

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