Help Me,I'm a Insurance Agent , getting very bad advice!!

[fastguy]

Hello Forum,

My current situation, I am an Property and casualty agent who is contracted to one of the large insurance companies. The poor economy and a difficult rate situation has caused me to experience a 45% reduction in income in the last 18 months. My expenses need to be reduced and I have had to move out of my current leased office owing 4years rent still, at approx $22000 per year. The landlords intend to hold me to that lease and secured a garnishment for approx $10,000. Needless to say, with the income sliding downward, my financial situation is in deep trouble.
I retained an attorney and filed chapter 7, and slashed expenses. My contracted insurance company, starting last month sent 95% of my income to the court, and expects to continue into the foreseeable future. Help!! I am at a loss about what to do!!

[frogger]

So, you have already filed a 7? Did you also bk the company in a 7 too?

[fastguy]

I am a sole proprietor!

[justbroke]

Did you file with an attorney? Are you here because you're not getting enough guidance. You and your attorney need to sit down and sort some things out. When you filed, and are a sole proprietor, you filed the business as well. Any accounts receivable (A/R) -- at the time of filing -- are the property of the Bankruptcy Estate. This is why your receipts are being redirected to the Trustee. Until there's some disposition on the Estate assets, the Trustee will, for all intents and purposes, continue to operate your business as you. However, I don't see the Trustee accepting new clients... are you?

What are you asking anyhow?

[fastguy]

My attorney never suggested that these events would occur. I was told that my commissions would be protected. As of DEC 2009 I was paid 200.00 from my commissions, my fear based on conversations today, something similar this month. How can I change this?

[justbroke]

My attorney never suggested that these events would occur. I was told that my commissions would be protected. As of DEC 2009 I was paid 200.00 from my commissions, my fear based on conversations today, something similar this month. How can I change this?

You need to sit with your attorney and ask him this question. Your A/R ledger belongs to the Trustee. If he didn't explain that to you... you have more to talk about than just how to recover the commissions.