BKFreedom
02-24-2009, 08:44 PM
--this is a repeat of posting in the CHAPTER 13 THREAD. I GUESS MORE BUSINESS RELATED SO MAYBE BETTER PLACE FOR IT---
If there is $100,000 in the bank at time of filing Chapter 13, will the court expect, at the least, $2777.77 per month.
$100,000/36=$2777.78 per month payment
I received this money as a loan to use for purchase ordering financing as a sole proprietor business. I had a few purchase orders from customers and received the money to purchase the equipment to resell. During this time, property fell into foreclosure with auction date in next 30 days.
Now I 'cannot' pay it back and be able to safely file BK, as considered preference payment and the court could recall the payment.
I am trying to understand how the Trustee will consider this $100,000 cash asset just sitting in the bank in relations to the a monthly payment.
And will I still get to keep and use this money to run my business?
Thanks in advance for any thoughts on this.
If there is $100,000 in the bank at time of filing Chapter 13, will the court expect, at the least, $2777.77 per month.
$100,000/36=$2777.78 per month payment
I received this money as a loan to use for purchase ordering financing as a sole proprietor business. I had a few purchase orders from customers and received the money to purchase the equipment to resell. During this time, property fell into foreclosure with auction date in next 30 days.
Now I 'cannot' pay it back and be able to safely file BK, as considered preference payment and the court could recall the payment.
I am trying to understand how the Trustee will consider this $100,000 cash asset just sitting in the bank in relations to the a monthly payment.
And will I still get to keep and use this money to run my business?
Thanks in advance for any thoughts on this.