How long should I wait?

[seattle]

I was a small business owner. I sold my business a few days ago for $25,000, $7000K of which went to pay off debt, however, I'm still left with $60k debt and I plan to file chapter 7. I'm recieving $1000 lease from the business, which goes to rent, food, etc.

How long should I wait before filing for bankrtuptcy? I sold the business through a restaurant business broker, at market value. I only recently stopped using any of the cards.

[Chowder]

Hello Seattle. If you are actually in the PNW, there are a few of us here.

Get with an Attorney ASAP. PM me if you would like a reference. Beyond that, card usage will not mean much as long as it's food, gas, medical type stuff. The biz sounds like a current market sale, so as long as the proceeds go to living expenses, and any needed home/car (provided it's exempted) repair, there's no need to wait to file.

[seattle]

Hello Seattle. If you are actually in the PNW, there are a few of us here.

Get with an Attorney ASAP. PM me if you would like a reference. Beyond that, card usage will not mean much as long as it's food, gas, medical type stuff. The biz sounds like a current market sale, so as long as the proceeds go to living expenses, and any needed home/car (provided it's exempted) repair, there's no need to wait to file.

The person who bought the business is someone who lives next door, not a friend. Do you think this may cause any problems? Will this cause the trustee to do a little more digging?

[Calthius]

Are you still involved in operating the business?

[seattle]

Are you still involved in operating the business?

Nope

[Chowder]

The person who bought the business is someone who lives next door, not a friend. Do you think this may cause any problems? Will this cause the trustee to do a little more digging?

Shouldn't matter where they live.

I started planning over a year ago. Sold lots of stuff right up to filing. Nothing was questioned.