How long after retaining a lawyer?

[stressin]

I have my appointment with a lawyer on Friday--hoping to file bankruptcy and discharge a heap of unsecured debt from starting a retail business that is failing--fast. I am trying to close the business--but I don't want to do that before I check with an attorney about HOW to go about closing.

Anyway, because the income look back is 6 months, and what will show up til now is the business income, will I need to wait til 6 months AFTER I close the business to actually file? I have not drawn a paycheck the 18 months that my retail shop has been open, and prior to saving for a lawyer, only took small owner draws here and there. I file a schedule C and the business has lost money both tax years. I will be unemployed for about 2 months and will then return to work as a substitute teacher in the Fall.

The only asset I have is what remains of the inventory. I am trying to sell it off currently, but with the economy the way it is--it isn't exactly flying out the door--even at my cost. I don't want to sell anything for less than cost until I talk with the lawyer, because I still owe one vendor--my largest suppplier, about 13 grand.

If I wait six months to file, will I still be able to refer calls to my lawyer? Am I likely to still have judgments against me even if creditors are working with my lawyer?

I don't mind paying a Chapter 13 if that's what the court decides. I would be filing separately, and my husband's income meets the family expenses, so any income that I make could go for paying off a Chapter 13. Problem is, if I return to work as a sub, my pay would be variable. How do they deal with that?

[Phillymanhere]

hey stressin,

You probably can do a search through old threads about business owners and bankruptcy. That may be why you're not getting quick responses--this question has been addressed before many many times.

Just to not leave you totally hanging, I think you need to get to 3 or 4 lawyers as soon as possible. I think the income relevant here is your personal income; if you have not taken a paycheck in a long time, then I THINK you can still file without having to wait. I'm a newbie and hopefully others will chime in.

But, as I think about it, the ongoing advice from this forum is that when you have a business involved, you need to go to a good lawyer as your case gets more complex (not horribly so) than other cases involving strictly personal income.

But go through old threads. There's tons of discussion on this.