New to this

[theBorrower]

My introduction: Never had a prob until now. CC closing account & doubling int. rate as of April, $15k. Never missed, never late. Biz line of credit closing account, as of April, and stated rather than demand in full, will allow 400% increased monthly payment over 48mos,$30k. Again never late, never missed.
Absolutely will not be able to pay any of these demands.
Ive been reading for 2days and now registered. Not married, co-habit w/partner for over 20yrs. No assets, No car loan, no real estate, 1 joint own small asset. No cash.
Self employed. Income below state median. Debt to income ratio about 150%.
More than likely will apply for Chpter 7 in the coming months. Ive started some procedures. Contact CCCS, no CC charges, ordered NOLO book.

I have a separate biz ckg acct that's for my agency billing accts. Required by state. Will this be affected by collections or included as an asset? Do I need to do something about this?
also
I havn't filed for over 4yrs. Will income tax statements be required for proof of income? I think I know this answer.

[JRScott]

You need to do the taxes. You need the current years tax return and past 3 years tax returns, you are asked about them in the bk petition.

You mention a joint small asset, you'll need to make sure it can be exempted in your state.

Keep in mind for the means test you have to include your partners income and what they contribute to household expenses.

[StartingOver08]

The business checking account is considered your asset.

The Trustee looks at your business as your asset. So anything that belongs to the business also belongs to you and thus becomes an asset of the BK estate. So, yes, the funds in your business account are considered fair game by the Trustee and need to be either exempted or spent prior to filing.

Also, all A/R you have prior to filing belong to the Trustee. Anything you earn afterward belongs to you.

Yes, you have to provide your tax returns, business and personal when filing a personal Ch 7 Bk. I had to provide 4 yrs. Even if you owe money, you need to supply the Trustee with the returns. The debt to the IRS becomes a priority debt in your Ch 7. If you have a S-corp (LLC, PA, etc) it flows through to you individually anyway. This is the time to work out arrangements with the IRS too.

[theBorrower]

The Trustee looks at your business as your asset. So anything that belongs to the business also belongs to you and thus becomes an asset of the BK estate. So, yes, the funds in your business account are considered fair game by the Trustee and need to be either exempted or spent prior to filing.

Also, all A/R you have prior to filing belong to the Trustee. Anything you earn afterward belongs to you.

That's the prob I was going to work on. The account is for agency billed insurance premiums, in which my commission draw is taken out. The money in the account isnt "mine". Usually paid out in 30-60 days. Or I could pay the premium as received, but my experience is the brokerages really screw it up w/out the monthly billing. Im not hiding monies, just trying to protect others and still be able to function. My personal account is w/the bank that my credit line is with, in which Ill be closing and opening somewhere else.