Will Trustee take my Business??

[Phx]

Thank you Frogger!

[frogger]

A service business based upon you is pretty worthless to anyone else. You may have to pay some blue sky to buy it back from the trustee, but it should be cheap.

[maffy]

msm859

Any idea where I can find the exemptions my business may qualify for?

On the exemptions tab on this site it shows exemptions for all states. Here is the link http://www.bkforum.com/wiki/Arizona

In AZ they allow $2500 tools of trade exemption...

[Phx]

msm859

Thank you!

I have seen other similar business sell between 20k-25k.

I know about the exemptions for home, personal property, car ,tot, etc.

Any idea where I can find the exemptions my business may qualify for?

[msm859]

Hello,

I am wondering if anyone can offer advice or share their situation.

I have a SERVICE BUSINESS (LLC) with 0 debt, and maybe $400 of inventory. Since it is service, it mainly consists of just my customers.(Average gross monthly income is 4k )

My questions - When I file Ch7, if this is the only asset I have, will the trustee likely take it? If so, what would I do, turn over a customer list? Customers are NOT under contract, it is a month-by-month basis.

Also this is my only source of income, would the trustee take that in to consideration?

How would I pay bills?

The first question is what is the value of the business? what could you sell if for? Without you probably very little. The next question is what exemptions do you have available? Your business is like any other asset. As long as you can exempt the value you are okay and since the actual value is probably very little is should not be hard to do.

[Phx]

Hello,

I am wondering if anyone can offer advice or share their situation.

I have a SERVICE BUSINESS (LLC) with 0 debt, and maybe $400 of inventory. Since it is service, it mainly consists of just my customers.(Average gross monthly income is 4k )

My questions - When I file Ch7, if this is the only asset I have, will the trustee likely take it? If so, what would I do, turn over a customer list? Customers are NOT under contract, it is a month-by-month basis.

Also this is my only source of income, would the trustee take that in to consideration?

How would I pay bills?