Must file bankruptcy...scared?

I've had perfect credit since I was a teenager. Last year we opened a business and it has failed miserably. We have tried selling it with no luck as the lease is too high. We just lowered the price dramatically but my lawyer says only give it a few weeks at the low price then I'll have to file personal bankruptcy.
It makes me sad but I have no choice. Only I am filing, not my husband. Most of our debts are in both of our names which will transfer to him. But, the store lease, our back store rent, my credit cards and some of my student loan could go into the bankruptcy. I will be bankrupt for 9 months and then discharged. It will be on my file for 6 years after discharge. I'm in Canada.
I'm scared that it will affect our home as when it comes up for renewal my husband may not qualify on his own. Do you have to requalify at every mortgage renewal or are you safe for the 25 year term as long as you pay every month?
We have 5 children and I just need some peace of mind.

Answers:
I counsel individuals with their finances and I hate recommending filing bankruptcy. I would lower the price even more. Do you have an agent trying to sell it for you? If you don't, you need to get one. If you have one, you might need to find a different one that will market it more aggressively.

It sounds like you might need to take on some odd jobs to make some extra cash temporarly. What is your lease secured by? If you don't have to fear losing your home or car or something, I would only pay what I COULD pay each month on the lease and let it get a little bit behind. It will beat up ur credit a little bit, but bankruptcy will DESTROY ur credit.

So if you don't have to fear really losing anything, I would talk with the person in charge of your lease and let them know about ur financial situation. If you communicate with them and tell them what u can pay, they might work with u. If they won't, then still just pay what u can. If they try to sue you for the money or take your business or something, you can always file bankruptcy at THAT time and it will keep them from taking any of ur assets as long as ur in the bankruptcy.

If you would like more info on the topic, I would love to answer more of your questions, click the link below to go to my counseling website. I currently offer my advice for FREE because i love helping people with finances.

Hope that helps

http://www.financialgym.org/question.htm...

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