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    #1

    UST and audits

    Filed Chapter 7 and have my 341 on 9/10. Has anyone ever kept their business open, filed Chapter 7 and NOT been audited on the business? There is nothing fishy there, I just want to know if you are ALWAYS audited if you are keeping your business.

    Yours in BK, Anon.
    Filed Chapter 7 on Friday the 13th!, 341 9/10/10 . TT's report of no distribution 9/13/10 DAMN STRAIGHT! Case Closed! 11/19/10 "Our long national nightmare is over".
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    #2
    We kept ours open through BK and were not audited. Ours is a home-based business, though. We have cash-flow of about 9-11k per month and it is a service-based business with very few assets that relies entirely on our creativity and personal skill and talent.

    We are quite different from a person who might have a store-front, inventory, accounts receivable, etc. I don't know if this is going to be a factor for you, or if it applies.

    Just wanted to let you know our experience.
    11-20-09-- Filed Chapter 7
    12-23-09-- 341 Meeting-Early Christmas Gift?
    3-9-10--Discharged

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      #3
      I kept C-corp and was audited - Both Ch7 and UST wanted tax returns up to date, P&Ls and Balance sheets (CPA had to do those). They clearly showed the shares were worthless so they abandoned it.

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        #4
        How much longer did it take for your discharge to arrive because of the audit? My attorney had asked me for taxes, p&l and balance sheet on business before I actually filed chapter 7. Thank you for your help because I want this over!

        Yours in BK, Anon
        Filed Chapter 7 on Friday the 13th!, 341 9/10/10 . TT's report of no distribution 9/13/10 DAMN STRAIGHT! Case Closed! 11/19/10 "Our long national nightmare is over".

        Comment

          #5
          Originally posted by Anon View Post
          How much longer did it take for your discharge to arrive because of the audit? My attorney had asked me for taxes, p&l and balance sheet on business before I actually filed chapter 7. Thank you for your help because I want this over!
          Yours in BK, Anon
          It took 7 or 8 mths in all from filing to discharge. The Ch7 trustee after some initial document requests put me on the back burner while they waited to see if the UST would file an objection and only after the 60 days from the 341 was up did they start asking for more stuff in the way of tax returns, P&Ls, Balance sheets and the rest. Meanwhile they got extensions from the court for more time to object to everything, finally filed a report of no assets and then the court waited until all the extensions had expired before they issued a discharge.

          That's in the Northeast - may be different elsewhere and may vary by Ch7 trustee.

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