Hoping to file chapter 7 bankruptcy

[Nicole80]

Ok. Thanks again. I am so anxious for this consultation. I couldn’t sleep worrying about all of this.

[Nicole80]

Hello! So I had my Consultation and he answered all of my questions I believe. I am just worried about my business affairs. I did not do good book keeping and the lawyer said they will want my Profit and loss statement (not a problem) balance sheet (not a problem) and invoices. We don’t have a lot of that because most transactions were cash with Local shops for hauling their vehicles to the auctions. So my husband did not get his receipts and keep up with them like he should have. So I am worried about that.

[justbroke]

Since you own and operate a business, the Chapter 7 Trustee will want to know how much you made and how much you make currently. That Trustee also wants to see if your "share" of the business is worth anything that they can liquidate for $$$. The balance sheet and P&L may be enough. The Trustee should be able to match that with your tax returns (essentially your K-1s). It's really about a.) what assets do you have, and b.) what is your current income.

[Nicole80]

Got it. Thank you.