[upperlinecap]

I am working with a business owner here that owns 2 separate businesses...one is an auto body shop (in business 32 years) and another is farm equipment (owned five years)...

Both look good from a numbers perspective:
auto body business in August: $175k deposits and $50k avg bal...55 deposits
farm equip business in Aug: $125k in deposits and $55k avg bal and over 10 deposits.

Here's the "But"....Owner filed chapter 11 about 5 months ago...The chapter 11 is a personal bankruptcy (not filed on businesses)

Are there any funding companies that could fund this given the Chapter 11 BK?

[DWAYNE WEBSTER]

i am working with a business owner here that owns 2 separate businesses...one is an auto body shop (in business 32 years) and another is farm equipment (owned five years)...

Both look good from a numbers perspective:
Auto body business in august: $175k deposits and $50k avg bal...55 deposits
farm equip business in aug: $125k in deposits and $55k avg bal and over 10 deposits.

Here's the "but"....owner filed chapter 11 about 5 months ago...the chapter 11 is a personal bankruptcy (not filed on businesses)

are there any funding companies that could fund this given the chapter 11 bk?

how much do they want im interested in the deal

[DrFund]

I will be able to help e mail sbatchelor@umsfunds.com

[bdshaw]

I am working with a business owner here that owns 2 separate businesses...one is an auto body shop (in business 32 years) and another is farm equipment (owned five years)...

Both look good from a numbers perspective:
auto body business in August: $175k deposits and $50k avg bal...55 deposits
farm equip business in Aug: $125k in deposits and $55k avg bal and over 10 deposits.

Here's the "But"....Owner filed chapter 11 about 5 months ago...The chapter 11 is a personal bankruptcy (not filed on businesses)

Are there any funding companies that could fund this given the Chapter 11 BK?

Generally individuals don't file chapter 11 unless there is a business involved. It's more likely chapter 7. Do you know the amount of the BK or what the status is?
You might ask your client to pull a soft 3 bureau credit report.
We're interested.
Bob Shaw
734.929.3800
rshaw@advancecredit.com

[rick_clsfunding]

Generally individuals don't file chapter 11 unless there is a business involved. It's more likely chapter 7. Do you know the amount of the BK or what the status is?
You might ask your client to pull a soft 3 bureau credit report.
We're interested.
Bob Shaw
734.929.3800
rshaw@advancecredit.com

or chapter 13 since that's the individual payment plan...

[TheShitzuofMCA]

well CH.11 is very expensive compared to CH. 13 they are similar in that they consolidate your payments and give you time to settle debts. The Ch.11 allows more flexibility (anyone can apply minimal requirements) and a longer period of working out payments anywhere from 3-5 years. Anytime a company files a BK personal or not its a concern, especially since merchant has a solvent business and could not keep up his personal life. I would take it on a case by case and find out the root of the CH.11 did he get divorced or did he make bad decisions for example. You can read up online about BK rules and if you need to take a merchant too court will that Ch. 11 block you from getting your funds? that I'm not clear on.

[BB_Cooper]

If the bankruptcy was a Chapter 11, as opposed to Chapter 7 or 13, by definition it was a business bankruptcy-

[John Galt]

HOW DOES AN OWNER FILE AN 11 ON PERSONAL AND NOT A 13? doesn't make sense.

[BigIz]

Chapter 11 is not only for businesses. It would also apply to high income individuals.