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    Bookkeeping

    Filing Chapter 7. Stopped paying credit cards in March 2010. Have LLC. Once I stopped paying the cards I stopped listing the interest as an expense because I knew I wouldn't be paying the cards and now the result is that it appears I am making more money. I don't know if I should continue to list the interest expense as, technically until I'm dismissed, I still owe that money. If I do list it shows my business as having a greater loss (which I want). I don't know what to do legally...
    Filed Chapter 7 on Friday the 13th!, 341 9/10/10 . TT's report of no distribution 9/13/10 DAMN STRAIGHT! Case Closed! 11/19/10 "Our long national nightmare is over".

    #2
    Originally posted by Anon View Post
    Filing Chapter 7. Stopped paying credit cards in March 2010. Have LLC. Once I stopped paying the cards I stopped listing the interest as an expense because I knew I wouldn't be paying the cards and now the result is that it appears I am making more money. I don't know if I should continue to list the interest expense as, technically until I'm dismissed, I still owe that money. If I do list it shows my business as having a greater loss (which I want). I don't know what to do legally...
    In a normal bk filing you don't list the credit card payments as part of your expenses. I would imagine since you haven't been making payments that interest accrued since you stopped couldn't possibly be considered an expense now.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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