New to board- have some question

[Ian]

Hi Everyone,

I am new to this board. I am a 24 year old in a lot of debt! Presently, almost all of my debt (in the form of credit cards) are a direct result of the business I decided to start back in May 2004. I have yet to make a profit from the business (I started my own record label).

I am looking to file for Chpt. 7 bankruptcy. Any advice?

ALso, if I transfer business ownership to my gf's name, will the business still survive the BK? will the courts find out?

I live in the NYC area..can anyone recommend a good bankruptcy lawyer or direct me to a website that can help me find one?

I am new at this and a bit nervous about the whole thing. Your help is appreciated! Thank you

[edwards2]

I dont live in New York City so I cant recommend a lawyer but I would be really careful about transferring anything if you plan to file BK. I would consult a lawyer asap. This is a great board so post your questions here and we will try and help.

[bkfiler]

hoestly, i would get an attorney. they dont cost much and save you from any potential problems usually. not to mention it makes them accountable for any problems that happen if they make the mistake

[Ian]

thanks.

I am going to speak to my accountant tomorrow. I have mentioned being in heavy debt before so he knows my situation. Plus, he is the same accountant I used last year to do my personal and business tax returns. He is also a financial planner so he should ahve some tips.

thanks foryour help though!

[Kam]

<scratching head>

Lawyers don't cost much ? You mean for an initial consultation? I've read where some lawyers charge $50.00 for a consultation, which I guess is cheap. But with the new laws in place there has been alot of discussion where attorney fees have surged since their hinies are now on the line if there are discrepancies in the bks.

[bkfiler]

most attorneys give free initial consultations. the cost of a attorney to do the work is really a good price given what can happen during this entire process. and they will answer your questions.

even when, opps i mean if, i file my next bk then i will still get an attorney. if somethign goes wrong you can sue them if its really bad.

ive talked to several attorney about the new laws and suprisingly all of them said that they really are not responsible after all is said and done like most people think they would be, even them, before all of the changes. i was shocked. maybe its a 'client signs more forms stating they are sure the info is correct' kinds crap. not sure. if this is true then i wonder why they want to charge even more lol

[AAAArt]

You need to talk to an atty. Where businesses are involved and you need to make decisions re: chapter 7, 11 and/or 13, your acct./financial planner will only be good for you is to recommend a competent atty.
As far as transferring to your g/f..Please, Please, get your head out of the clouds (or wherever it may be) and wake up. That is fraud and they will catch it! It is also a recipe for disaster and ruining a relationship.
If your "business" hasn't made any money and isn't making any, then it is not a business, just an expensive hobby. (I had a friend who kept the books for a local band. They were relatively successful, but most of them kept their day jobs. Jeff put some aside from every gig, no matter how little they got paid when they first got started...so each year, they got 2 weeks paid vacation)
Be a person of integrity. Don't ask your g/f for anything but love, support and understanding.
Art