We are self employed/corporation. We filed chapter 7 about 3 weeks ago and are awaiting our 341 meeting. My husband has been working an outside job to make ends meet. But now our business is really picking up. He has decided to quit the outside job. Will that be a problem when we go for our 341. Thanks,
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I hope you have an attorney. The moment you filed Chapter 7 the ownership interest in the corporation changed hands and became property of the estate. The Trustee controls the asset. If you are increasing the value of the asset by drumming up more business you are doing it for the benefit of the Trustee. The Trustee has the right to sell the stock of the corporation. The more value in the business the more value in the stock. If your business is a "service" business with no long term contracts or simply has no assets you should be ok but. . . I do hope you have an attorney to guide you through this process.
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We are a service company with more liabilities than assets. The economy seems to be picking up and we are getting more service calls. Our real question is about our mortgage company trying to take our house. There is no equity, and we are current. But without the income, I don't know that we would still qualify to reaffirm. Are they going to ask us more questions regarding our income at the 341 meeting?Comment
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