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04-29-2013, 05:10 PM #1
Reputation points: 4807
- Join Date
- Sep 2012
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I have to assume this is a personal BK. A company would be insane to fund an open biz bk. I don't even think the biz can legally do it under bk laws either way.
Personal bk really only has one caveat. You can't really enforce a pg for the debt or the performance. We've done just a few in open 13 and our lawyer has a modified contract removing any language irt personal performance guaranty. Makes it a lot harder to chase somebody who dual processes or shuts you off completely.
Chapt 7's are only open for 3-4 months. If he's almost discharged then it's better to wait. If it's a 13 just see how many payments are left on the plan. The merchant would be better served getting a more traditional MCA than a decline/starter anyways.