Comments on: I am filing chap 7 Bankruptcy Personal and I am self employed, I need advise badly now Thanks? http://www.vending-business-center.com/buy-a-vending-business/i-am-filing-chap-7-bankruptcy-personal-and-i-am-self-employed-i-need-advise-badly-now-thanks The Ins And Outs Of The Vending Business Mon, 03 May 2010 02:16:59 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: rpg http://www.vending-business-center.com/buy-a-vending-business/i-am-filing-chap-7-bankruptcy-personal-and-i-am-self-employed-i-need-advise-badly-now-thanks/comment-page-1#comment-595 rpg Sat, 30 May 2009 06:40:59 +0000 http://www.vending-business-center.com/buy-a-vending-business/i-am-filing-chap-7-bankruptcy-personal-and-i-am-self-employed-i-need-advise-badly-now-thanks#comment-595 Part of the answer depends on what state you live in, and what your state's exemptions are. The fact that you own your machines outright means that you have equity in them, which will mean that the trustee will be looking at them as a potential source of money to repay creditors. You want to be careful here. Businesses can file Ch 7, but by definition, Ch 7 puts a business out of business. A business that files Ch 7 cannot continue in business. An individual (or married couple) who files Ch 7 can exempt some assets from being taken by the trustee to repay creditors - and that will depend on your state's exemptions. If you aren't certain about the information you received from the attorney you spoke with, make an appointment with a different attorney to get a 2nd opinion. Most offer one free or very low cost appointment for just this purpose. Make sure to consult an attorney whose practice specializes in bankruptcy. While general practice attorneys can also file uncomplicated bankruptcies, your situation is not uncomplicated. Seeking a general practice attorney's advice would be kind of like going to your family doctor for a heart transplant. Your situation is complicated enough that you need to see a specialist.<br><b>References : </b><br>Former Legal Assistant with a bankruptcy law firm Part of the answer depends on what state you live in, and what your state's exemptions are. The fact that you own your machines outright means that you have equity in them, which will mean that the trustee will be looking at them as a potential source of money to repay creditors.

You want to be careful here. Businesses can file Ch 7, but by definition, Ch 7 puts a business out of business. A business that files Ch 7 cannot continue in business. An individual (or married couple) who files Ch 7 can exempt some assets from being taken by the trustee to repay creditors – and that will depend on your state's exemptions.

If you aren't certain about the information you received from the attorney you spoke with, make an appointment with a different attorney to get a 2nd opinion. Most offer one free or very low cost appointment for just this purpose.

Make sure to consult an attorney whose practice specializes in bankruptcy. While general practice attorneys can also file uncomplicated bankruptcies, your situation is not uncomplicated. Seeking a general practice attorney's advice would be kind of like going to your family doctor for a heart transplant. Your situation is complicated enough that you need to see a specialist.
References :
Former Legal Assistant with a bankruptcy law firm

]]> By: MKD http://www.vending-business-center.com/buy-a-vending-business/i-am-filing-chap-7-bankruptcy-personal-and-i-am-self-employed-i-need-advise-badly-now-thanks/comment-page-1#comment-594 MKD Sat, 30 May 2009 05:52:59 +0000 http://www.vending-business-center.com/buy-a-vending-business/i-am-filing-chap-7-bankruptcy-personal-and-i-am-self-employed-i-need-advise-badly-now-thanks#comment-594 When you file bankruptcy you have to claim all assets even if they are business-you get your income from the vending machines. When we filed bankruptcy we had to include the accounts of the people who owed us money which has been noncollectable for 2 years and we were a corporation. My understanding is whether you are a corp or not it all has to be put on the paperwork because you own the LLC. When we set up the corp we mistakenly assumed that business was business and private assets were private. That they were separate. Wrong. Better discuss this with your attorney. What did your attorney mean they would not be safe? I don't know how they can take your only income from you if that is all that you have. Again ask your attorney to clarify the vending machine issue. Good luck.<br><b>References : </b><br> When you file bankruptcy you have to claim all assets even if they are business-you get your income from the vending machines. When we filed bankruptcy we had to include the accounts of the people who owed us money which has been noncollectable for 2 years and we were a corporation. My understanding is whether you are a corp or not it all has to be put on the paperwork because you own the LLC. When we set up the corp we mistakenly assumed that business was business and private assets were private. That they were separate. Wrong. Better discuss this with your attorney. What did your attorney mean they would not be safe? I don't know how they can take your only income from you if that is all that you have. Again ask your attorney to clarify the vending machine issue. Good luck.
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]]> By: Help Is Here! http://www.vending-business-center.com/buy-a-vending-business/i-am-filing-chap-7-bankruptcy-personal-and-i-am-self-employed-i-need-advise-badly-now-thanks/comment-page-1#comment-593 Help Is Here! Sat, 30 May 2009 05:30:59 +0000 http://www.vending-business-center.com/buy-a-vending-business/i-am-filing-chap-7-bankruptcy-personal-and-i-am-self-employed-i-need-advise-badly-now-thanks#comment-593 Why don't you have a bankruptcy attorney working with you? When you go to your bankruptcy hearing, you are going to have to show all your debts and assets, and yes, your machines are an asset. This is far too complicated a question to ask here, and you really should have an attorney doing the legwork for you, or you are going to do something that will cause you to lose your machines. Well, they aren't really your machines are they? Since you borrowed money to pay for them, and now will not pay it back. That is a lecture for another time though. Get an attorney.<br><b>References : </b><br> Why don't you have a bankruptcy attorney working with you?
When you go to your bankruptcy hearing, you are going to have to show all your debts and assets, and yes, your machines are an asset.
This is far too complicated a question to ask here, and you really should have an attorney doing the legwork for you, or you are going to do something that will cause you to lose your machines. Well, they aren't really your machines are they? Since you borrowed money to pay for them, and now will not pay it back. That is a lecture for another time though.
Get an attorney.
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