own small business ?

[helpsoneeded]

If i quit the business for 6 months, then my husband and i would both qualify for chapter 7 (Only if i can get him to do it, he's 100% against it, but we need to do something.) Would this be alright to do since i own a business or do i have to show tax returns for previous years and explain why i'm now not working? Would i also have to put somewhere what my future earnings might be after filing because i would probaly have to go back to work. It was just a thought, i'm really desperate and i have read alot of posts where people are saying thier lawyers are telling them to quit jobs or somehow try to make less money. I dont know if this is possible with a business. I have most of the debt in my name and i pass the means test if he doesnt file, but now i'm reading that it really depends on the scedules and if i have to put his income on schedule I then i will show lot of desposable income on schedule J. Thanks, i know i've been a pain!!!!
Were about 25,000 over the median with both incomes..

[lrprn]

If i quit the business for 6 months, then my husband and i would both qualify for chapter 7 (Only if i can get him to do it, he's 100% against it, but we need to do something.) Would this be alright to do since i own a business or do i have to show tax returns for previous years and explain why i'm now not working?

You will have to provide both personal and business tax returns when you file. Frankly most trustees won't ask why you aren't working (although the timin could raise some suspicions), but there's no guarantee you won't be asked.

Would i also have to put somewhere what my future earnings might be after filing because i would probaly have to go back to work.

If you file Ch 7, your bankruptcy estate is set on the day you file. Income earned after your 341 meeting typically will not matter unless your trustee suspects fraud.

i'm really desperate and i have read alot of posts where people are saying thier lawyers are telling them to quit jobs or somehow try to make less money.

One of our members was recommended to quit their job, but the job they quit was a second job, not their first. Big difference.

You know, filing Ch 13 is not a death sentence. I know that Ch 7 seems like an easy, quick fix, but when you are playing financial games like quitting primary well-paying jobs for six months with every intent of restarting the same self-employment at the same business as soon as you are past the 341 meeting, you are skirting the razor edge of fraud in real danger of tipping over. No one here is going to recommend that route.

[JRScott]

On Schedule I down at the bottom it asks if you expect any change of income in the next year and if so what that change would be. So if you quit your job merely for the sake of filing and you fill this out truthfully it won't help you.

Now if you were working two jobs and couldn't handle it anymore you'd be fine to quit the secondary or lower paying job without question.

It really depends a lot on which Trustee you draw how close he'll look at this.

[Boscoe]

How much of your debt is business debt? If the answer is "more than 50%", then you can file a chapter 7 as a business case. Let me know and we can discuss further.