How to maintain a storage unit paid up, secure and unaffected by bankruptcy filing:
About to file Ch 7 and want to make sure it doesn't affect my storage unit contract/security in any way. Ideally, I wouldn't have to drag the storage company into the proceedings at all or even have to inform them of it. I've always paid them on time and intend to keep up with the payments.
What's the correct way of going about this? I understand that I have to disclose the fact that I have a unit and list its contents, but while doing that I don't want any stay placed on this contract and wish to just keep making payments as per usual.
Online sources just say to not list it as an executory contract on bankruptcy forms. But I don't know what this means in practice. How do I explicitly exclude my storage contact from those subject to bankruptcy while still honestly disclosing the fact that I'm renting and paying for this storage unit? The above option just sounds like concealment of a storage unit, which is obviously not a good idea.
Please clarify how I should report my storage unit on my bankruptcy application so as to not jeopardize the continuity of and normal interaction with my storage facility. Thanks!
Michael’s answer: First, do not expect problems with this. The chapter 7 trustee will wonder what is in the storage but not jump to conclusions. Most people have holiday decorations and routine junk. The storage unit can be listed as an executory contract but if the terms are month-to-month I would not bother. The storage place needs to be paid the monthly rent, that will be the key for them. Hope this helps.
Can I file bankruptcy?: $780k sba eidl loan originally, now its 1.1 million with interest and 30%collections charges. I dont have bank statements for the business. Business was a restaurant shut down in 2023. And honestly I used my business bank account for both personal and business expenses. So most od eidl probably was used for expenses like buying stocks which ultimately lost in value by alot. I have receipts from wholesalers for the restaurant and tax returns showing losses for 2020-2023 all of covid. I also have $300k of personal credit card and car loan debt. I own a house in contra costa county worth $730k, its paid off. I paid off the house before covid. I havent worked since my restaurant shut down. I have been living off saving and now saving are drying up. I have $15k left and a car loan that I am current on. I have 2 small kids and my kids mother who all live with me and I support. She does not work. I want to file chapter 7 bankruptcy and want a life reset , but without sba asking me what I did with the money. I dont want to open up another problem if there is any.
Michael’s answer: It sounds like you need a bankruptcy. I agree with attorney Mann, I have not seen the SBA participating in bankruptcy cases or questioning people about the use of funds for a couple years. The key to bankruptcy is to review things in detail before filing. Hope this helps.
Can the ER, tow yard, and ambulance bill after a car accident be non-consumer debt in bankruptcy?: I didn’t elect to be taken to the hospital I was taken there because I was hurt and my car was destroyed in the impact. I would also use the subrogation bill as non consumer debt as well.
Michael’s answer: Most medical debts are non-consumer debt. Elective surgery is different. So, your ER bill, tow yard, and ambulance would be non-consumer debt.