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

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CC use

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  • CC use

    I will be filing in the next few months and own a S-corp. It's a service business that has service vans on the road daily. I have stopped using all personal credit cards and will not be making my payments starting this month. The business has 2 that are used and paid off every month. Chevron I don't even know if I'm on the card it's in the company's name and we've had it forever. Capitol One I know I'm on it & it is used daily for gas and I have a credit coming from a vendor that over charged me. Will this throw a wrench into my filing? I can stop using it if I HAVE TO but would prefer not.
    If you think no one cares about you try missing a couple of payments.

  • #2
    Are you filing 7 or 13?

    Are you hoping to continue operating the business?

    Florida has terrible exemptions, unless you are renting or planning to surrender your home. Even then, they are not generous, other than the homestead, but if you use that you lose the other exemptions.
    11-20-09-- Filed Chapter 7
    12-23-09-- 341 Meeting-Early Christmas Gift?


    • #3
      Chapter 7 and yes we plan on keeping the business open and running. The lawyer said we shouldn't have any problems but wouldn't make any guarantees until he sees my most recent tax return which I am waiting on the accountant to finish. I don't have homestead and your right Florida's exemptions aren't great at all. The thing with my business is it has no resell value and on paper lost money last year and this year. The lawyer seemed very confident that it wouldn't be worth the trustees time and he used to be a trustee and his wife/ office manager also worked for the trustees office for several years so I'm crossing my fingers. As soon as I get all my stuff back from the accountant they said I'll have a 2 hour organizational meeting with them. If they tell me I have to close the business or that the trustee will liquidate it I'm screwed because I refuse to do either.
      If you think no one cares about you try missing a couple of payments.


      • #4
        Originally posted by bkpain View Post
        If they tell me I have to close the business or that the trustee will liquidate it I'm screwed because I refuse to do either.
        That's a pretty bold statement. Don't rule out any options yet.

        And..... never say never.
        All information contained in this post is for informational and amusement purposes only.
        Bankruptcy is a process, not an event.......


        • #5
          Originally posted by frogger View Post
          That's a pretty bold statement. Don't rule out any options yet.

          And..... never say never.
          I know it bold but I don't know what else to do. The only assets the business has is 3, 4 yr desktops, and a few cars 3 of which have loans on them, 2 are broke down not even worth $500 and 3 are paid off but have minor value. The lawyer hasn't gotten into the details of the S-corps assets yet, I guess that will happen at the meeting. All A/R is bad debt which I have already turned over to CAs a long time ago. Funny enough most of my big A/R is from other companies filing BK.

          I guess if the lawyer looks over everything and says the trustee will liquidate; **Will they liquidate ALL? Or leave the cars that are upside down?

          **Can the trustee pick and choose or is it all or none?
          If you think no one cares about you try missing a couple of payments.


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