My attorney wants me to do a 6 month profit- loss statement to see if I qualify for chapter 7.Being in commission sales my pay varies. I've never done one.Is it as simple as going through your bank statements and listing all income vs expenses?
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Yes, it really isn't scary at all.Originally posted by braincramp View Post
If you know how to use Excel I suggest you do it on that program. Get out your bank statements (and credit card statements if you used them for your business) and list all of your income by date, then all of your expenses in a separate column by date. Your attorney can then average things to get a better overall picture of your financial status on a monthly basis.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
How can you be in commission sale and not do one? How do you do your taxes? Quickbooks has a free downloan to get you started. For a BK every month must be on its own page. Under a chapter 7 or 13 the trustee will want to see something. This is what I do.....I start off by putting in the gross income under the month I got it. I put down for supplies, services, membership, license...etc. The business costs I have only once a year I breack down in to each month. Don't forget self employment tax (if 1099). You may not pay it at that time but it lets the court know that you know you have to pay something & gives you a heads up on what you may have to pay. It helps also with your net income amount.Comment
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My accountant does one for the corp but we are filing personal 7 or 13.Thanks for the help,I'll check those programs out.Comment
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