If you make more for the Means Test for Chapter 7 Eligibilit
Date: Sun, 10/12/2008 - 12:58
I do have a business - Corporation own only by myself. I am alone female.
I had a condo I did had $65 000 in and I took and put in the business last two years ...
Last 4 years income $14 000, $13 000, $33 000 and this year $65 000. All of them W2 form for IRS
I do have so far $10 000 on business credit cards to pay myself, but they started to cut the business credit cards ...?
It is CORPORATION and I do pay myself and use business credit cards a lot to pay my personal credit cards every month $1400 and my mortgage $1400 and my bills. Every month after I do pay all bills I do have $20 or in $100 range left in personal account. I am alone in my business and I am not doing well I can not sell the business and I soon may be will go on BK on the business and then I do not have any income, no house will go on forclosure and I am alone no one can help me in the business to make more or not to be so tired no vacation 5 years no sleep 7 days 24 hrs on call.
What I am going to do?
I will be more for the means test Ch 7 and if they will send me to Ch 13 I will have no house no money in bank no 401K - NOTHING.
It is only me - who is going to do payments and how - after pay rent and min needed for a person to suvive ...no jobs...where I am going to make all this money ?
Any ideas?
I have 2 mortgages now, because of the business...
I had a condo I did had $65 000 in and I took and put in the business last two years ...
Last 4 years income $14 000, $13 000, $33 000 and this year $65 000. All of them W2 form for IRS
I do have so far $10 000 on business credit cards to pay myself, but they started to cut the business credit cards ...?
It is CORPORATION and I do pay myself and use business credit cards a lot to pay my personal credit cards every month $1400 and my mortgage $1400 and my bills. Every month after I do pay all bills I do have $20 or in $100 range left in personal account. I am alone in my business and I am not doing well I can not sell the business and I soon may be will go on BK on the business and then I do not have any income, no house will go on forclosure and I am alone no one can help me in the business to make more or not to be so tired no vacation 5 years no sleep 7 days 24 hrs on call.
What I am going to do?
I will be more for the means test Ch 7 and if they will send me to Ch 13 I will have no house no money in bank no 401K - NOTHING.
It is only me - who is going to do payments and how - after pay rent and min needed for a person to suvive ...no jobs...where I am going to make all this money ?
Any ideas?
I have 2 mortgages now, because of the business...
The Chapter 7 means test is based on your income for the previou
The Chapter 7 means test is based on your income for the previous six months. It sounds like you might need to time your filing to show low enough income. Have you consulted an attorney? Most BK attorneys offer a free initial consultation.
