Let me try to sum up my situation a neatly as I can.
-Family of 4
-60,000 in ccard debt, some going 4 months delinquent.
-no equity in house, 2 cars under the limit
-no cash
-un/self-employed with very low income (<10,000 total) for the last 8 months after 11 years of solid employment
Total no asset ch7, right?
Now the complication. My business just apparently pulled in three large projects that will occur over the next 4 months. Associated with these projects I will be at least passing about 95,000 through my DBA bank account, including around 60,000 in the next two months while all this is going on. I'll probably net around $45000 profit total from all these three projects by the time all is said and done. The business is very much feast and famine, and I doubt I will make much or any more this year so I really need that to live on. I considered trying to use that to buy my way out of debt, but then I could really be screwed, with literally no money to live on, but technically too high an income for county assistance even on healthcare.
What do you think? Is that money flowing around in there after filing going to cause problems? I have to think it would be a huge red flag, but I can certainly and honestly explain it, and provide invoices to show what the payments are for (freelancers working on the projects) and my expected profit. To make matters potentially worse, these are translators located in Europe, so payments to them are bank transfers overseas which has to be just dandy.
When I landed these I thought all my hard work and stress paid off, and saw a clear path out of debt and back to productivity and stability. Now I feel like perhaps the trap is going to stay closed on me.
I'm talking to a lawyer tomorrow, I just wondered if anyone has been in any kind of similar situation and can give additional perspective.
-Family of 4
-60,000 in ccard debt, some going 4 months delinquent.
-no equity in house, 2 cars under the limit
-no cash
-un/self-employed with very low income (<10,000 total) for the last 8 months after 11 years of solid employment
Total no asset ch7, right?
Now the complication. My business just apparently pulled in three large projects that will occur over the next 4 months. Associated with these projects I will be at least passing about 95,000 through my DBA bank account, including around 60,000 in the next two months while all this is going on. I'll probably net around $45000 profit total from all these three projects by the time all is said and done. The business is very much feast and famine, and I doubt I will make much or any more this year so I really need that to live on. I considered trying to use that to buy my way out of debt, but then I could really be screwed, with literally no money to live on, but technically too high an income for county assistance even on healthcare.
What do you think? Is that money flowing around in there after filing going to cause problems? I have to think it would be a huge red flag, but I can certainly and honestly explain it, and provide invoices to show what the payments are for (freelancers working on the projects) and my expected profit. To make matters potentially worse, these are translators located in Europe, so payments to them are bank transfers overseas which has to be just dandy.
When I landed these I thought all my hard work and stress paid off, and saw a clear path out of debt and back to productivity and stability. Now I feel like perhaps the trap is going to stay closed on me.
I'm talking to a lawyer tomorrow, I just wondered if anyone has been in any kind of similar situation and can give additional perspective.
Comment