If you are insolvent, you may not need to file a bankruptcy owing to tax implications. You frequently can avoid forgiveness of debt income if you are insolvent by filing appropriate tax forms. Of course, bankruptcy results in no "FOD" income at all.
You can't be jailed for not paying a debt. But you could be put in jail, at least in Illinois, if you fail to respond to a citation to discover assets after judgment. In that case, you could be held in contempt of court and put in jail until you post bond or otherwise purge yourself of the contempt.
Theoretically, a bankruptcy trustee could close your business and try to sell it.
Your tools are at risk unless they can be claimed as exempt,.
There are rather generous exemptions in California.
You'd have to work out a deal with your landlord for renting your place of busienss.
If your business has no value without you, I can't imagine a trustee liquidating it. Be sure to protect your business assets with exemptions to the fullest extent possible.
In Wisconsin, a party may request a substitution for a judge. Here's the statutes;
801.58 Substitution of judge.
(1) Any party to a civil action or proceeding may file a written request, signed personally or by his or her attorney, with the clerk of courts for a substitution of a new judge for the judge assigned to the case. The written request shall be filed preceding the hearing of any preliminary contested matters and, if by the...
It is extremely important to list any potential claim, even if you don't know what it's worth. Yes, use whatever exemptions to which you are entitled. If you don't know the amount, that's OK. But if you fail to list the claim, the defense may argue that you are legally prevented ("estopped") from raising the claim subsequent to your bankruptcy. If the claim turns out to be significant, you may end up recovering even more than you owe to your creditors in bankruptcy. So do make this amendment...
Once the stay is lifted, a lender or its successor can foreclose. You didn't say why the stay was lifted. You can defend in state court...but that is doubtful in California, a non judicial foreclosure state.
If a member of a LLC files a bankruptcy, it is usually an event of "dissociation" within the meaning of most states limited liablity company acts. This is good for the limited liability company because the trustee of the filing member won't become a member of the LLC. He may have a claim against economic benefits which accrue from the limited liability company. The member is no longer a member and the trustee succeeds to economic benefits but not membership. The LLC may well want to acquire...
You can file legally a mechanic's lien as an authorized agent for a claimaint. You cannot file a complaint to enforce a mechanic's lien unless you are an attorney. A mechanic's lien in Illinois is highly technical. Perfect compliance is necessary. So even though you are not an attorney, you are held to the standards of the law in doing so. Accordingly, I would be very sure that I understood all aspects of Illinois mechanics' lien law before acting as agent for anyone.
You asked several questions. But the most important one is the statute of limitations for credit cards. There is contention about this. But it could be as little as 4 years or 5 years. Credit card companies assert 10 years but the courts typically won't accept that.
Negative credit reporting information may stay on your credit report for 7 years and an additional 180 days in the case of a charge-off.
You need legal advice immediately. You and your son don't face arrest but your son does face eviction. Bur not Immediately. you will have time to redeem from the tax sale. You don't state what the house is worth or whether there are other liens on the house other than the mortgage. How much us the mortgage compared to the value of the house? Tout son need not move immediately or any time soon.
Nevertheless you do need to answer the foreclosure complaint. It doesn't seem like you or your...