Starting a new business during a chapter 7 [Archive]

tdawg

10-06-2009, 10:38 PM

I am filing chapter 7 shortly as I'm being laid off from my job. I'm contemplating what I'm going to do including looking for a full time job or starting up a new business to do contracting to companies since I might have more luck with that then finding a full time job as an employee.

I am over the median by quite a bit, but I pass the means test so I know the US trustee might be interested in my case. If I start a new business right after my 341 hearing, even though I'm not earning any money from it yet, could the trustee keep my case open to wait and see if my business becomes profitable?

DeadManCrawling

10-07-2009, 08:14 PM

I doubt the trustee will be interested. Most new businesses fail anyway, not saing yours will. But, future potential is usually of no interest unless there is, say, a guaranteed pay raise or a job offer already accepted that will substantially change your financial picture.

Trustees and guidelines vary by district. Read up some more, ask your attorney, if you have one, and good luck in whatever you decide.



	Bankruptcy Forum > Before the Discharge > Small Business & Investment Real Estate > Starting a new business during a chapter 7 PDA Starting a new business during a chapter 7 tdawg 10-06-2009, 10:38 PM I am filing chapter 7 shortly as I'm being laid off from my job. I'm contemplating what I'm going to do including looking for a full time job or starting up a new business to do contracting to companies since I might have more luck with that then finding a full time job as an employee. I am over the median by quite a bit, but I pass the means test so I know the US trustee might be interested in my case. If I start a new business right after my 341 hearing, even though I'm not earning any money from it yet, could the trustee keep my case open to wait and see if my business becomes profitable? DeadManCrawling 10-07-2009, 08:14 PM I doubt the trustee will be interested. Most new businesses fail anyway, not saing yours will. But, future potential is usually of no interest unless there is, say, a guaranteed pay raise or a job offer already accepted that will substantially change your financial picture. Trustees and guidelines vary by district. Read up some more, ask your attorney, if you have one, and good luck in whatever you decide.