I'm filing Chapter 7 and I own a sole-proprietorship. All my attorney said I needed were 6 months of all bank statements, business and personal, and a 6 months of profit/loss statements from the business. I'm nervous as hell -- and my attorney is not someone who will hold your hand through the process. However, his firm only deals in bankruptcy -- it's well respected firm. My business owns nothing -- it is a car lot, everything is owned by my floorplanner -- trying to reaffirm with them. I own nothing -- no house, I rent. I own a car which is valued at about $500. (1984 Mercedes 300D with 400000 miles). All the debt I need to deal with is unsecured credit card mostly. But, I'm nervous as hell because my business accounts have a good bit in and out. But that is me selling cars and paying them off. My profit/loss shows me being under the median income. I'm just afraid of what they will do with my business checking account. Any advise is appreciated.
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Can you tell us what happened? -
going to be tough to pull off as a sole proprietor; you are your business and as such, there are no distinctions between your business' assets and your personal assets.
good luck with it.Comment
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I own a sole prop too... business asset = my assets... business debts = my debts. No distinction.
On the plus side, in California, if you do not have equity in your house you can use up to $23K to protect business assets ($20+ unused homestead - $1K wildcard and $2K tools of the trade).
Where are you located?
Also, I am not sure if you are worried about the money sitting in the account or about the transactions in the account.
The transactions should not be an issue as long as you have receipts proving that you wrote checks to buy inventory (cars).Comment
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