top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Is it ok to get a 2nd job or be part of a biz?

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Is it ok to get a 2nd job or be part of a biz?

    I have filed 2.5 years ago and have 2.5 yrs left (5yr plan). I was wondering if I would be able to get a second job or even be a partner in a small business.

    A friend of mine has the capital and I have the know-how (technical biz). I sure DO NOT have any money-or I wouldnt be in this situation.. I would not be putting any money in the business but just a lot of sweat. Not sure if we would even make anything off of it. - Second option would be to just work with him as an employee (2nd job).

    Can I do this without jeopardizing my ch13 plan? If so- what do I need to do to make sure it doesnt mess my plan up? If I can not, Please explain why not.

    Thanks for any feedback on this.

    W.W.
    Tags: None
    #2
    My lawyer said and I quote "what you do after you file is your business" when we asked about a 2nd job. Not a very clear answer huh??? I've read here that if they look at your tax returns and see a bump in income - then trustee will want extra cash - so don't know if being a part of a business will be detectable on your income tax statements.

    GL - A

    Comment

      #3
      that was terrible advice from the attorney. and wrong at that.

      any additional income you make you are supposed to report it to your trustee. and if not then it can jepordize your bk if its not a 100% pay back plan already. if it is then doesnt matter expect you might have topay back quicker.

      as for chap 7 if you get a job after you file and before your 341 and then the trustee asks you at the meeting if anythgn changed and you answered no... you are commiting fraud. but thats for chapt 7 people.
      Im not an attorney or a trustee. You cant trust me either though!

      [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
      [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
      [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
      [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

      Comment

        #4
        Thanks for the response...

        So as long as I report any income that I receive I should be ok?? I was planning on that and do not really care about paying more back. I was just wondering about the partner side of it, if a value would be placed on my "half" of the company or if something would prevent me from being a part of a business while going through the plan.

        I just do not want to jepardize the plan- too far gone to get kicked out now...

        Should I be worried about any negative?

        Comment

          #5
          you should speak with your attorney about it imo. and at least talk to the trustee. he is the one that will screw you so better go make nice.
          Im not an attorney or a trustee. You cant trust me either though!

          [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
          [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
          [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
          [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

          Comment

            #6
            Thanks! I will go ahead and do that. It is always good to know what you are facing before the call! Thanks again!

            W.W.

            Comment

              #7
              Originally posted by aa06a47
              I have to agree with bk in his first sentence. The last paragraph, come on BK...
              if you do not tell the trustee of any financial changes at the 341 when asked then you are commiting fraud.

              what part of that do you disagree with?
              Im not an attorney or a trustee. You cant trust me either though!

              [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
              [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
              [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
              [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

              Comment

                #8
                oh no! lol. i do that sometimes too.

                btw, keep a few crispy fresh $100 bills to slip to the trustee under the table if you start getting grilled.

                as soon as he smells that fresh money and his ears pick up on the sound of bills rubbing together he looses focus and cant concentrate.
                Im not an attorney or a trustee. You cant trust me either though!

                [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                Comment

                Previous template Next

                bottom Ad Widget

                Collapse
                Working...
                X