I spoke with an attorney today. He wants us to file our taxes first then work up a financial statment for the last 6 months on each business. Since we had some extra income in Sept. and Oct. he said we may need to wait a couple of months to let that drop off. He didn't see any reason why we wouldn't be able to file Chapter 7. He said that we would be allowed a $1800 exemption on home furnishings. Also he mentioned that my wife and I would each be given a $10,000 "wild card exemption" that we could use on any cash or assets that we own and would like to protect from the bankruptcy. Can anyone explain more about this?
If this is the case, my brother hasn't registered the purchase of my boat and car yet so we may pretend that the sale never happened. He said I could keep both and use the above exemptions to protect them. Is this true or just to good to be true?
I'm going to file my taxes today or tomorrow. My attorney thinks it should take 3-5 months to complete the BK. He also mentioned that the IRS loves to audit small businesses that are involved in Chapter 7 so we should make sure our books are squeeky clean. I'm totally stressed out hopefully all this will pass soon enough.
If this is the case, my brother hasn't registered the purchase of my boat and car yet so we may pretend that the sale never happened. He said I could keep both and use the above exemptions to protect them. Is this true or just to good to be true?
I'm going to file my taxes today or tomorrow. My attorney thinks it should take 3-5 months to complete the BK. He also mentioned that the IRS loves to audit small businesses that are involved in Chapter 7 so we should make sure our books are squeeky clean. I'm totally stressed out hopefully all this will pass soon enough.