Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

341 tomorrow - business owner experiences?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • 341 tomorrow - business owner experiences?

    Hi,
    I discovered this forum last week and have been reading everything. My 341 is tomorrow on my Ch 7 case. I've owned 3 different small businesses over the past few years. I have P&L statements for all of them and as one is basically defunct and there other two are only 6 months old, none of them show a profit. At times, I have not been the best record keeper. I use quickbooks and do bookkeeping that way, but at times when I've had to order a new business debit card, I used my personal account for business purchases and then just transferred the money between accounts. The two recent businesses are not LLC, so I didn't see a huge problem. I didn't expect to declare bankruptcy, so now I'm worried about the trustee asking me about transfers of money between accounts, my sloppy business records, etc.

    Anyone have experience at a 341 that owned a business? What type of questions were asked? One of my businesses is retail and involves a small inventory. Any questions about inventory?

  • #2
    Philajackie, I don't have an answer but I will be very interested to know what the great people on here have to say about this. I co-own and business and have been "stalking" these boards for months, I am on the verge of starting to make calls to attorneys. I worry about keeping my business. I am lucky because we have always had an accountant do our books so we are good there, but I am concerned about being able to go on with my business. Please come back and let us know how your 341 was, it will help me greatly because I am worried about how they deal with business owners. Good Luck tomorrow and please be sure to let us (me) know how it went.

    Comment


    • #3
      philajackie, those transfers should not be a problem as long as they weren't away to hide money from the trustee. If your business inventory was listed as an asset in your petition, it's nothing to worry about, except that if you can't exempt it the trustee may want to liquidate it. I am sure trustees are used to sloppy business records. As I said in the other thread, just answer questions honestly. If you aren't hiding anything, there is nothing to worry about. A few questions won't hurt.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        I own my own business. Sole owner. The trustee asked the usual questions asked here. The only thing they asked that pertained to business was if I had any employees, which I don't. Very easy 341. Good luck.

        Comment


        • #5
          You should not have any problems provided you disclose everything.

          Note the key word: EVERYTHING

          As long as you are truthful and make no attempts to hide anything, it won't be a big deal.
          All information contained in this post is for informational and amusement purposes only.
          Bankruptcy is a process, not an event.......

          Comment


          • #6
            Thanks for all the replies. I've imagined tomorrow might go something like that scene from Goonies where Chunk is captured by the Fratellis and tells them about all the "terrible" things he's done since childhood. I've definitely disclosed everything, just hoping not to go the Chunk route.

            Comment


            • #7
              341 is done! thanks again everyone for the replies, it helped calm my nerves today. I arrived about 45 minutes early so I could see how it went. Most people were dressed street casual, one guy was in shorts. The meetings were in an office and everyone else sat in a waiting room. I heard about 4-5 people go before me. They all seemed to take about 5 minutes and the trustee asked basically the same questions each time.
              I was the first to go in my time slot. The trustee examined my social and driver's license and then asked some standard questions. I felt like he was taking a lot of time reading things on his screen. He asked why there was a big gap between what my house was worth and what I owed on my mortgage. I was totally dumbfounded and didn't know what to say at first. We bought in 2006, so we took a huge hit when the real estate market went down. I just told him that the house lost value after we bought it. Then he went over each business I've owned over the past few years, what each was worth, what the assets were of each, their structure, whether they are active and whether I had any employees. He asked about transfers of property and whether I've cut up or destroyed my credit cards. He confirmed how many people were in my household. He confirmed that I want to surrender the house. He asked what led me to file for bankruptcy. Overall, it was mostly yes or no questions. The house value question rattled me because I was just surprised. I think my meeting lasted about 15 minutes which was longer than the others I saw, but I had more to address with the business issues. He made a comment that my income picture certainly looked bleak, said my supporting docs were in order and wished me good luck.
              I feel relieved but also sad. It's a great relief to have this done with and be able to move on. Sad because bankruptcy was not exactly a life goal I had for myself and facing all these financial issues has been hard. I've learned a lot of lessons, but one is that avoiding making decisions generally does not do any good and if you have a business or any other kid of complexities, you should really get a lawyer. No one I saw today was pro se.
              And I guess I'm now in the 60 day club! Full speed ahead with my new financial life!

              Comment


              • #8
                That's great news. Now, just hurry up and wait. It won't be long.

                Congratulations!
                All information contained in this post is for informational and amusement purposes only.
                Bankruptcy is a process, not an event.......

                Comment


                • #9
                  Congratulations!

                  Comment


                  • #10
                    Congratulations!
                    LadyInTheRed is in the black!
                    Filed Chap 13 April 2010. Discharged May 2015.
                    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                    Comment


                    • #11
                      congratulations, glad you made it through okay

                      Comment

                      Unconfigured Ad Widget

                      Collapse
                      Working...
                      X