I,ve got questions???

[nodollarsnomo]

I have about $45,000.00 in cc debt my husband has around $55,000.00 in cc . We only have two joint with zero balance. I would like to file ch 7 on my own. I do not work. We have a small business that has struggled for years, it is incorporated. I think that I am listed as the secretary and I am on the business checking account. Would I be able to file a ch 7 and not have them come after our business acct.? I have no assets. The house is owned by my in-laws and both cars are being financed but are only under my husbands name. At present we have about $30,000.00 in the business acct., but we have about half of that invoices that we need to pay.
At the 341 will they want to know my roll in the business? And will they want to see our business records? Is this something that only an attorney can answer?
Thanks for any info.

[LegalBeagel]

The business is incorporated, so the stock you own (if any) would be the asset they would look to: in other words, the value of your interest in the business. Most small corporations are not worth that much, because so much of their value depends upon the goodwill of the owner(s), without the owners, they are nothing.

Anyway, it could be that you have no legal interest in the business at all, and that it's all owned by your husband. Whatever you do, don't try to go transfering things and making changes without discussing it with a lawyer. He will know how to have your interest appraised if indeed it is an issue for you.

[nodollarsnomo]

thanks for the help! This forum has been a great help.

[StartingOver08]

One of the things you will want to ask your attorney (when you get the free consult) is what happens to the corp receivables. I had to give all the corp receivables to the BK trustee even though I filed personally only, not the corp

[LegalBeagel]

Start, what was your interest in the Corp.? If this lady has no legal interest in the Corp. (i.e. if she owns no stock in it), then it's simply not an asset for her. I am assuming she's not in a community property state. Just because she's an officer (Sec.) does not mean that she owns an interest in the corporation.

[nodollarsnomo]

I live in TX. The business is seasonal decorating and home remodeling. We do not keep any inventory on hand. DH buys supplies only if a job comes through. I don't know if any of this makes a difference.

[LegalBeagel]

nodollar, if you will read carefully above, the issue is whether you (meaning just you) own stock in the corp. As mentioned earlier, don't make any stock transfers or try to change anything regarding ownership at this point. Begin the process of choosing a lawyer. Best way to find a lawyer is by referral from a satisfied client. If you can't do that, try nacba website. I don't know if TX is a community property state, probably not; but your lawyer will know. Good luck.

[StartingOver08]

Legal...you are right. I am the sole owner of the business (100%). That is why I had to give up all of my receivables EARNED as of the filing date. I am a real estate agent - so there is income that will come after the filing date that was earned prior to and I have to pay that to the BK estate. I wanted to make sure the OP knew what to ask her attorney because I found out about one week before filing!! (Mainly because I did not ask all the right questions)