We have a pool business, selling products and cleaning pools.
We started it because we lost our jobs and after a country wide search no jobs were happening fast enough. We used all of our IRA abd much of our credit almost 2 years ago. It is a two member (spouses) LLC.
We were told that the assets would be examined along with the gross income but since it has debt that we won't be including as we want to continue to run the business and work with our vendor. The business barely sustains us, but has a growing customer base. We don't make enough to meet all of our personal bills and after paying on-time inventory and expenses, we have nothing left until more sales come in.
Some Inventory has debt attached, other inventory is on a COD basis so we order as it sells off the self to replace just what sold. Pool cleaning customers are growing.
Our lawyer said that a trustee would not want to take over our business and that the value would be added to our bankruptcy estate, it would be negotiated with the trustee and possibly reduced in value to come to an agreed monthly payment that we would make for 6 months (possibly longer ?) and after which we would be discharged but would still have our business.
Yet, I have read that a trustee would take all outstanding accounts receivable at the date of filing. Is this true?
If that is the case what should we do about our monthly customers? Would they take that income that we need to pay our business rent and our mortgage paid? There are no jobs here, would they take our only livelihood?
Thanks for any help, I'm a newbie here but have found much of interest, thanks for providing the platform!
We started it because we lost our jobs and after a country wide search no jobs were happening fast enough. We used all of our IRA abd much of our credit almost 2 years ago. It is a two member (spouses) LLC.
We were told that the assets would be examined along with the gross income but since it has debt that we won't be including as we want to continue to run the business and work with our vendor. The business barely sustains us, but has a growing customer base. We don't make enough to meet all of our personal bills and after paying on-time inventory and expenses, we have nothing left until more sales come in.
Some Inventory has debt attached, other inventory is on a COD basis so we order as it sells off the self to replace just what sold. Pool cleaning customers are growing.
Our lawyer said that a trustee would not want to take over our business and that the value would be added to our bankruptcy estate, it would be negotiated with the trustee and possibly reduced in value to come to an agreed monthly payment that we would make for 6 months (possibly longer ?) and after which we would be discharged but would still have our business.
Yet, I have read that a trustee would take all outstanding accounts receivable at the date of filing. Is this true?
If that is the case what should we do about our monthly customers? Would they take that income that we need to pay our business rent and our mortgage paid? There are no jobs here, would they take our only livelihood?
Thanks for any help, I'm a newbie here but have found much of interest, thanks for providing the platform!