Past business ownership effect me??

[beatenandbroke]

Planning to file on Monday 11/17. One question I can't seem to figure out. Had a Real Estate Business in Hawaii from 2003 up until April 08. Long story short bought a house in 05 to flip in 2 years, fully leveraged it, poured in huge amount of cash to remodel and got stuck and finally lost the house 9/4/08. In the mean time shortly after buying this house business fell to almost nothing and finally gave it to an agent willing to try and keep it going (she took all the business assets which was a bunch of used equipment). Got nothing for it other than a promise to pay me $300.00 per closing (if any). We moved to Oregon in May. Have not received any money to date and looks like she will probably go under. My Attorney seems to not care about the business issue but I worry it will come up at the 341 since we listed income for the business in 08 even though the business will show another loss in 08 no doubt. (personal tax returns provided to attorney show big losses in 06 and 07) Any thoughts??

2nd mortgage: 135,000
Citi CC: 65,000
Cap One CC: 14,000

[southernbelle]

This is just my opinion, but are you filing a business chapter 7? Also, did you get any paperwork from the person that took over your business that states what the agreement was between you two?

My only concern if I were in your shoes would be to document the transaction with respect to the assets and showing the transferral of the business to the other person. Having a paper trail will save you some heart ache if you trustee gets picky. Otherwise you will be fine. Good luck.

[beatenandbroke]

No the filing is personal. I do have paperwork.