I run a real estate investment business and started out with a Chp 7. Now I am trying to convert to Chp 13 to avoid the trustee liquidating/dismantling my business (i.e. taking control of my investment properties). My attorney should have suggested this in the first place, but that's another story...
After I get my plan approved, lets say that my company increases sales, and therefore pays me more income... can I pay off my Chp 13 earlier? Or will the extra money just be absorbed by creditors WITHOUT paying off my plan earlier?
Also, I am starting to work with the Nolo book for Chp 13. It has a line in one of the worksheets for "normal business expenses". It sounds ridiculous to mix in the expenses from my corporations with my own for Chp 13... this implies that I would have to list gross revenue from my business on the same filing form...
Unless I am missing something, the worksheets/forms seem confusing to a business owner, since they seem to be slanted toward a non-biz owner or someone who owns a small sole proprietorship.
Any other biz owners out there who can shed light on this?
After I get my plan approved, lets say that my company increases sales, and therefore pays me more income... can I pay off my Chp 13 earlier? Or will the extra money just be absorbed by creditors WITHOUT paying off my plan earlier?
Also, I am starting to work with the Nolo book for Chp 13. It has a line in one of the worksheets for "normal business expenses". It sounds ridiculous to mix in the expenses from my corporations with my own for Chp 13... this implies that I would have to list gross revenue from my business on the same filing form...
Unless I am missing something, the worksheets/forms seem confusing to a business owner, since they seem to be slanted toward a non-biz owner or someone who owns a small sole proprietorship.
Any other biz owners out there who can shed light on this?