Chapter 7 in Indiana -- Was a partner of small biz closed 5 years ago - help?

[marvmiller]

I am filing this chapter 7 by myself, and I had to put down that I was a partner (or owner) of a corporation that closed 5 years ago (12/2006). No assets or anything. I only noted that on Question 18 of Statement of Financial Affairs -- and marked none on all other questions. (No financial records, no anything).

My bankruptcy is no asset -- I only have about $8,500 worth of personal assets and $8,500 in retirement account and both are exempted. No salary.

One credit card belongs to this business and I am a co-signer for this. This represents $15k of debt out of $67,000 total of credit card debt and medical bills.

Renter. Old Toyota van (part of the exemption). No assets.

SSDI plus occasional contractual work.

Should I be worried? Should I do something else -- like, I don't know?

[TBA]

We filed a ch7 personal bk because our business failed (nonconsumer debt) and had no issues. We closed our biz in oct of 2010 and filed june 15th 2011. There were no assets left in the business. At our 341, the trustee confirmed there were no assets and moved on. We were also part of another business that closed in 2009. Same thing. As long as there are no assets, i would assume you should be fine.

But we are in FLA and i am not an attorney Others may have more to add.

[justbroke]

I don't think this is an issue at all. What the Trustee is looking for is ASSETS, plain and simple! If you owned a business or had shares of a company, the Trustee just wants to see if s/he can get to those assets.

[btbeme]

A business closed 5 years ago would typically have no documentation, taxes, etc filed in the last 4 years or so. The Trustee may be interested in hearing, in your own words, the type of business you had and when the last business transactions were made. The Trustee might ask you these questions under oath at your 341. If you can answer truthfully that there haven't been any business transactions for at least the last two years AND no assets are being held in the company's name (a vehicle registered in the company name or a storage unit full of LCD TVs or gold bullion, for instance) you should be just fine.

But expect a question or two at your 341. Nothing to lose sleep over.