Help With Chp 7 and business assests
Okay I have learned from reading this forum to give as much details as possible when asking a question.
My wife and I are looking to file for either a 7 or a 13. She makes $42,500 and I am self employeed with a lawn and landscaping business. Right now we, my business partner and I, are paying ourselves $3000 monthly.
Our accountant says this is tax free because it is a loan payback. (accountant says we will be filing 0 income for 09')
So we are looking at around $78,500 income (Missouri income for family of 4 is $70,500ish)
We each bought existing businesses for $45,000 each. We then merged the two companies together to make one. He established the cooporation and I am not on the articles of inc yet.
Business assests are around $15,000 (2 trucks, trailer, mowers, ect...)
Debts:
Home: Owe $216,000 worth $195,000 (want to keep)
Unsecured: $35K cc and personal loan
Secured: Car 1 owe $21,000, worth $11,000. Car 2 owe $14,500 worth $9,000. Personal/Business Loan $48,000 (father-in-law co-signed)
Student Loans: $42K (i know no dischargable.)
Here are my questions:
1) With a chapter 13 i am looking at around $800 payment, if i keep both cars. Should I buy a used vehicle ($13000) and let the other 2 cars get repoed?
2) Can i qualify for a 7 no assets?
3) I worry about my lawn business assests. My half would be only worth $7500 and I can exempt $3000 leaving $4500.... will trustee take that equity?, if so how can i continue to operate?
i hope this is enough information to answer some of my questions. This forum had help me through some stressful times and appreciated everyones input.
Thanks,
brokendown13
My wife and I are looking to file for either a 7 or a 13. She makes $42,500 and I am self employeed with a lawn and landscaping business. Right now we, my business partner and I, are paying ourselves $3000 monthly.
Our accountant says this is tax free because it is a loan payback. (accountant says we will be filing 0 income for 09')
So we are looking at around $78,500 income (Missouri income for family of 4 is $70,500ish)
We each bought existing businesses for $45,000 each. We then merged the two companies together to make one. He established the cooporation and I am not on the articles of inc yet.
Business assests are around $15,000 (2 trucks, trailer, mowers, ect...)
Debts:
Home: Owe $216,000 worth $195,000 (want to keep)
Unsecured: $35K cc and personal loan
Secured: Car 1 owe $21,000, worth $11,000. Car 2 owe $14,500 worth $9,000. Personal/Business Loan $48,000 (father-in-law co-signed)
Student Loans: $42K (i know no dischargable.)
Here are my questions:
1) With a chapter 13 i am looking at around $800 payment, if i keep both cars. Should I buy a used vehicle ($13000) and let the other 2 cars get repoed?
2) Can i qualify for a 7 no assets?
3) I worry about my lawn business assests. My half would be only worth $7500 and I can exempt $3000 leaving $4500.... will trustee take that equity?, if so how can i continue to operate?
i hope this is enough information to answer some of my questions. This forum had help me through some stressful times and appreciated everyones input.
Thanks,
brokendown13