I have a pretty cut and dry (I think) Ch7. Almost everything I own personally is within the exemption amounts, with the exception of some office furniture and inventory from a business that I recently had to close down.
I'm trying to figure out how having a few thousand dollars (Less than $8-10k) in used office furniture, and proprietary inventory (that by the way, only has a value to a handful of franchise owners in other citires) will affect my case.
1) Can my business's assets be counted towards my expemtions, so that ultiately I can sell these assets and hang on to the cash generated from the sale?
2) Since the bulk of the value is in inventory that is proprietary and has limited market to resell them, is there a chance that the trustee will see little value in the assets and declare it a no-asset case if he doesn't want to bother will trying to sell the assets to out-of-state buyers.
3) Are there disadvantages to being declared an "asset" case vs a no-asset case?
4) Will it cause my ch7 to take longer if the trustee has to stop and sell the assets?
5) If I can help find buyers for the assets, does the trustee allow me to get involved in making his/her life easier by showing him/her who he can sell to and sort of arranging the sale for him/her?
THanks for the help!
I'm trying to figure out how having a few thousand dollars (Less than $8-10k) in used office furniture, and proprietary inventory (that by the way, only has a value to a handful of franchise owners in other citires) will affect my case.
1) Can my business's assets be counted towards my expemtions, so that ultiately I can sell these assets and hang on to the cash generated from the sale?
2) Since the bulk of the value is in inventory that is proprietary and has limited market to resell them, is there a chance that the trustee will see little value in the assets and declare it a no-asset case if he doesn't want to bother will trying to sell the assets to out-of-state buyers.
3) Are there disadvantages to being declared an "asset" case vs a no-asset case?
4) Will it cause my ch7 to take longer if the trustee has to stop and sell the assets?
5) If I can help find buyers for the assets, does the trustee allow me to get involved in making his/her life easier by showing him/her who he can sell to and sort of arranging the sale for him/her?
THanks for the help!
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