We are scheduled to file on Friday and are feeling very nervous.
A couple of issues that are making me nervous:
I am a freelancer, but the work I do is part of my father's business. I work strictly on commission and the commissions I make are split with my father (I get most). In a few instances I have received the pay and then paid him his share. So, I have 2 payments to him in April and May of this year. One for $2200 and one for $650. I am worried about being able to document to the trustee that these were not gifts or insider payments. Most often he gets paid and then pays me. He gives me a 1099 each year. Our attorney said he is not too worried about it and just be prepared to talk about the business and why the payments were made. I really don't want my father involved in this.
The other issue is that my husband has stocks in his company. There are privately held, and not exempt. The attorney has said the trustee will likely let us buy these from the estate instead of going after them himself. Again, we do not want to get my husband's company involved.
Other than that I'm feeling okay. We have a large homestead exemption, so that should be fine.
Any thoughts or words or wisdom?
A couple of issues that are making me nervous:
I am a freelancer, but the work I do is part of my father's business. I work strictly on commission and the commissions I make are split with my father (I get most). In a few instances I have received the pay and then paid him his share. So, I have 2 payments to him in April and May of this year. One for $2200 and one for $650. I am worried about being able to document to the trustee that these were not gifts or insider payments. Most often he gets paid and then pays me. He gives me a 1099 each year. Our attorney said he is not too worried about it and just be prepared to talk about the business and why the payments were made. I really don't want my father involved in this.
The other issue is that my husband has stocks in his company. There are privately held, and not exempt. The attorney has said the trustee will likely let us buy these from the estate instead of going after them himself. Again, we do not want to get my husband's company involved.
Other than that I'm feeling okay. We have a large homestead exemption, so that should be fine.
Any thoughts or words or wisdom?