Hi everyone, first post, been lurking here for a couple weeks, as I am contemplating filing ch 7. Been going through Nolo's "How to file chapter 7 bankruptcy", but still have a couple of questions
I run a small service business that keeps a small amount of inventory (about $800 in electronic components), to enable me to perform repairs quickly, as there isn't a local source for the most of the parts I need quickly. I am not thrilled over shutting down for a couple of months while these assets are owned by the trustee, especially for such a small amount (my understanding of how this works). Is this correct? Is there a way around this?
Another question is that a customer pre-paid me for a job. The job is going to end up costing a lot more than their pre-payment, and they are still contemplating what to do. I might need to refund their pre-payment. Would their pre-payment be owned by the trustee once I file?
thanks in advance!
I run a small service business that keeps a small amount of inventory (about $800 in electronic components), to enable me to perform repairs quickly, as there isn't a local source for the most of the parts I need quickly. I am not thrilled over shutting down for a couple of months while these assets are owned by the trustee, especially for such a small amount (my understanding of how this works). Is this correct? Is there a way around this?
Another question is that a customer pre-paid me for a job. The job is going to end up costing a lot more than their pre-payment, and they are still contemplating what to do. I might need to refund their pre-payment. Would their pre-payment be owned by the trustee once I file?
thanks in advance!