@Joseph WidenI doubt you would qualify for ch 7 with that type of salary and they would push it to a ch 13 which would just reorganize the debts

In, CT, there is also an exemption that you can argue applies where the exemption applies if you are simply reorganizing with no change of beneficial interest.

In many instances a bankruptcy is the best outcome for everyone as it keeps the borrower in their home while reorganizing their debts. 

A "reorganization took place, one of the families left the group in exchange for the insurance proceeds and the property then had 4 owners (and 4 cottages)2000:  I bought ($42,000) my parent's share.2000-2010:  I bought the other shareholder's shares (total $300,000), leaving just me as the sole shareholder2017:  Elected to file as S corp.None of these transactions were properly recorded.2022 1120S tax return (2023 is on extension) shows:$0 income$15,000 Land (sched L, line 12)$122k Loans from me($189K) Retained earning$93K cap stock($46k) Sched m-2I have no idea how we got to these amounts.Does any of this make things easier to understand and easier to get me out of this capital gains problem (or does it just muddy things even more)?

You’re wanting to reorganize your basic financial situation - outside of bankruptcy.  

I have so many thoughts about Furnished Finder, and most of them have to do with the company needing some kind of re-organization.

I have no solid stance on whats least bad but can confidently say the worst approach ive seen (so far) is a capital call to fund the syndicators chp 11 so they can remain in possesion to "reorganize".

Bankruptcy people think is this awful thing, its a tool to get your debt reorganized.

A chapter 7 is a straight liquidation while a 13 is a an individual reorganization.  

(i) The term "Insured" also includes(A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs,devisees, survivors, personal representatives, or next of kin;(B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization;(C) successors to an Insured by its conversion to another kind of Entity;(D) a grantee of an Insured under a deed delivered without payment of actual valuable considerationconveying the Title(1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by thenamed Insured,(2) if the grantee wholly owns the named Insured,(3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliatedEntity and the named Insured are both wholly-owned by the same person or Entity, or(4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by theInsured named in Schedule A for estate planning purposes.