So,
I finished my means test and I went on the section on financial condition and noticed " insider " payments.
In March of 2008 I paid back my business partner a $40,000 debt that I owed him from money that our company paid to my brother for the rights to a project which my brother actually owed money to ME on. Confused yet?
Now I see the insider look-back is 12 months. When I paid him back the $40,000 I also paid creditors $15,000 so its not like I skipped everybody. I just wanted to pay him back.
I have stopped paying my already creditors and I will meet with my attorney next week to review but now I am thinking about waiting until April of next year to file in order to put some distance between me and my associate.
Problem is that I MIGHT, no guarantees, might have a huge bonus by then and then it wipes it all out.
I could conceivably pay everybody back then but then my credit is shot and I might have judgements against me depending on how quick the creditors move.
As I wrote in another post I am going into this armed with knowledge and ready to fight the trustee.
Questions:
I am in Southern California
Is this as big a deal as I am making it out to be?
Does anybody have experience with this type of issue?
Thanks, the more I learn the more I HATE credit.
I finished my means test and I went on the section on financial condition and noticed " insider " payments.
In March of 2008 I paid back my business partner a $40,000 debt that I owed him from money that our company paid to my brother for the rights to a project which my brother actually owed money to ME on. Confused yet?
Now I see the insider look-back is 12 months. When I paid him back the $40,000 I also paid creditors $15,000 so its not like I skipped everybody. I just wanted to pay him back.
I have stopped paying my already creditors and I will meet with my attorney next week to review but now I am thinking about waiting until April of next year to file in order to put some distance between me and my associate.
Problem is that I MIGHT, no guarantees, might have a huge bonus by then and then it wipes it all out.
I could conceivably pay everybody back then but then my credit is shot and I might have judgements against me depending on how quick the creditors move.
As I wrote in another post I am going into this armed with knowledge and ready to fight the trustee.
Questions:
I am in Southern California
Is this as big a deal as I am making it out to be?
Does anybody have experience with this type of issue?
Thanks, the more I learn the more I HATE credit.