Filing non-consumer/no asset due to failed business; when will Trustee ask for P&L's

[Lalalink]

My husband and I are filing a Ch7 non-consumer/no asset case due to a failed business.

We've been paying $3800/month in business debt until this month; we had been using our 401(k) and it has taken me this long to convince my dh to STOP and file the BK!

Well I'm an anxious person and this week the creditors have been calling constantly... I want to file the paperwork NOW. I'm prepared to file next week for our personal/ non-consumer/ no asset case; however, dh has not completed the paperwork for the business from last year (i.e., the P&L, Balance Sheet and Federal Return for the C-Corp). (His new job -- started 8/2010 -- is 14/hrs/day, so it's also hard to find time to switch gears and get this done)

There is no doubt that we have been a failing business since 2007, so I'm not worried about what the P&L, Balance Sheet and Returns will show... I'm just concerned when or if the Trustee would request these items during our personal BK.

Does anyone know the general time-line for such a request from a Trustee (or even if the Trustee would request something like this)?

The reason dh has not done the paperwork is we moved away from our business to another state and left it in the hands of dh's brother. We desperately need him to do the inventory so that dh can do the paperwork; however, dh's brother is now an unfunctioning alcoholic, and hasn't produced this for us. Dh is thinking he will have to fly back to FL to do the inventory himself. (Business is a furniture store)

The hitch? I want to file MONDAY! Dh thinks he can get the paperwork done within 2 weeks, but does not want me to rely on that timeline; thus the reason for my post.

I'd appreciate any thoughts, advice or "been-there-done-that's."

Lala

[considering7]

Hi Lala,
I am in a non-consumer cha7. We had a failed business, and I took a job a few months before we closed up shop for good. We filed in late February, had our 341 in early April. Trustee never asked for any information like Balanace Sheets, P/L Statements, etc. He did ask for a copy of our 2010 Tax Return, but that was to prove the amount of the return. we had used a few thousand dollars of our exemption towards our Tax Refund, so I am sure he just wants to see if there's any excess that can be returned to creditors. I'd say go ahead and file and maybe a request from a Trustee will just be the motivation you need to finalize the P/L Statements, Balance Sheets, etc. good luck!

[Lalalink]

Hi Lala,
I am in a non-consumer cha7. We had a failed business, and I took a job a few months before we closed up shop for good. We filed in late February, had our 341 in early April. Trustee never asked for any information like Balanace Sheets, P/L Statements, etc. He did ask for a copy of our 2010 Tax Return, but that was to prove the amount of the return. we had used a few thousand dollars of our exemption towards our Tax Refund, so I am sure he just wants to see if there's any excess that can be returned to creditors. I'd say go ahead and file and maybe a request from a Trustee will just be the motivation you need to finalize the P/L Statements, Balance Sheets, etc. good luck!

Thank you so much for your reply! I agree with you... I'm filing our papers early next week and dh is working right now to get the info from his brother... I've lit that fire under his butt, lol!

Hoping you get discharged and closed in June, then!

best wishes and thank you again,
Lala