Question re business questions at 341

[PaKettle]

According to the "sticky" above on this page, they will ask the following at the 341 meeting:
1. Who was responsible for maintaining financial records?

2. Which of the following records were maintained?
a. Cash receipts journal
b. Cash disbursements journal
c. General journal
d. Accounts receivable ledger
e. Accounts payable ledger
f. Payroll ledger
g. Fixed asset ledger
h. Inventory ledger
i. General ledger
j. Balance sheet, income statement, and cash flow statements

I had an internet business for a few years, but it was a very small deal, I basically lost money the first year or two and made maybe $600 profit the next year or two. I have the info re profits and losses on my taxes, but I made so little money and had so few transactions I did not really keep "books" per se, so I have almost none of the above documents, just my taxes and some very "unofficial" papers like receipts for purchased and bought items. No ledgers at all, I felt it wasn't necessary, it was such a small business with only 5-15 transactions per year.

My taxes show that there was very little money exchanged and that is the truth. I also did not have a dba filed, I just had a name, a website and a paypal account for payment, all gone now, as I closed the business last year due to a lack of profit. Although I had always intended for it to be a business and hoped to make good money with it, as it turns out it was more like a hobby, though for IRS purposes it was identified as a "Business" and I did havea local business license and file local business taxes which were zero due to so little business.

So how much of a problem might this be for the 341 meeting?

[lrprn]

If your trustee asks for some of these items listed in the sticky before, during, or after your 341, then you will have to produce what you have and your lawyer will turn it over.

Please, Pa, don't take this the wrong way - we want to help you - but you need to make your appointments for free consultations with 3-4 bk lawyers in your area as soon as possible. We can make a somewhat educated guess if you are going to have a problem during your 341 because of your internet business or not, but in the end we are just knowledgeable consumer Ch 7 and 13 filers, not bankruptcy lawyers. However, experienced bk attorneys in your area do know how the courts, judges, and trustees in your area typically deal with business debts mixed with personal debts. They are going to be the most reliable source of what's going to fly and what's not in a complex situation like yours.

[PaKettle]

Thank you, I understand what you are saying about my needing to contact some attorneys soon. It's just that I have not yet had a chance to do that due to my work schedule, and meanwhile things keep coming up in my mind that I want answers to - or at least educated guesses.

Everyone here has been very helpful to me, so far, in giving me an idea of the problems I may have and what I may expect. I'm the kind of person who likes to know as much as possible about an endeavor before starting it, so all this helps me prepare for having my first appointments.

For example, if I hadn't been reading this site and asking questions, I would not have even thought about the business I had. I put it out of my mind, and since it was so inconsequential - to me - I wouldn't even have thought to mention it to an attorney. Same with my mixed up social security number. I forgot all about it until reading this site.

So I DO plan to see some attorneys within the next couple of weeks, but meanwhile I am gathering info. Thanks for putting up with my questions! Maybe some of these questions may be helpful to others as well...

Also, it may be a few weeks before I talk to attorneys because I have some "feelers out" in terms of getting a recommendation or two, as I hate the idea of just picking them from a phone book or internet. I really am hoping to get at least ONE recommendation of an attorney to talk to, not just picking one out of the blue...

[freshstart06]

To be honest with that little bit of money I would not even worry about it too much to gather what you have. $600 a year is not going to make a big difference in your income. As long as your taxes reflect what you stated yoiu will be fine. You only have to report anything over $400. I would put my word on the fact they will over look that $600 relax :-) However, you ssn mix up may be an issue.

[PaKettle]

To be honest with that little bit of money I would not even worry about it too much to gather what you have. $600 a year is not going to make a big difference in your income. As long as your taxes reflect what you stated yoiu will be fine. You only have to report anything over $400. I would put my word on the fact they will over look that $600 relax :-) However, you ssn mix up may be an issue.

Thanks for the feedback. The bottom line is I just don't have much, except for receipts and emails, and my tax filings so there isn't a whole lot of the stuff they could ask for (per the sticky above) that I have. So hopefully you are right about it not being a big deal. And in the PAST 6 MONTHS I would have no income from it as I closed the business over 6 months ago.