Overmylimit
04-21-2009, 09:53 AM
Just wondering how many here have already filed personal and business and have managed to keep their business running after the fact..
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How many here have filed BK personal and business and still kept business open?Overmylimit 04-21-2009, 09:53 AM Just wondering how many here have already filed personal and business and have managed to keep their business running after the fact.. StartingOver08 04-21-2009, 11:54 AM I had to change the business format from a S-corp to sole prop. However, I am a Realtor and it is not a traditional inventory type business. Will get another S-corp as business picks back up... fireworks 04-21-2009, 11:54 AM My lawyer advised me that if the business had any assets (inventory, equipment, accounts receivable) then the trustee would want them. I've sold all of my inventory and most of my assets. What I have left will be fine under the Texas exemptions as "tools of trade." The resale value on my collection of tools is only a couple hundred dollars so it's nothing big. Overmylimit 04-21-2009, 01:29 PM I did the same, I sold 4 vans and tons of equipment. I have a C-Corp that I am just starting to use going forward, my old business is Sole Prop but I was wondering if I should even keep it open. BigJohn 04-21-2009, 09:20 PM I have a corporation and was able to keep it. frogger 04-22-2009, 05:16 AM I have a corporation that will be filing along with our personal filing. In the process of setting up another corporation now that should be able to stay open. This corporation will have no inventory, and is basically dealing with information. The only assets of it will be some used computer equipment. Hopefully, we can keep it. That's how I'm planning on earning my future living. Inthestorm 04-23-2009, 03:09 PM I guess I should have ID'd myself scaredy cat, cuz I'm scared to death of it all. We're in GA and Dh is a subcontractor. Still working, but nothing like he was during the boom. Obviously we lived according to THAT income and now it's gone. I'm wondering if he can keep work van, tools, fax, computer and if that's going to be so many exemptions that we won't have anything personal left at all?????????:( | |
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