Self Employed BK Question

[paintinrosesred]

Both me and my husband are self employed (hence the reason for the BK)... but I was wondering if anyone self employed can give me some input on what to expect with the BK.
We are waiting to file BK until the house goes into foreclosure (could be soon) to try and extend the amount of time we can stay in the home because we will be moving to another state early next year.
So my main questions:
Is it hard for self employed people (lot more questions) or is there anything else we should be concerned about???
Thank you so much for all your information. I don't know what I would do without this forum!!

[paintinrosesred]

Also, we are self employed in two different lines of work.

[AngelinaCat]

Some things to think about:

Are you trying for a 13 or a 7?

If you are moving to another state after the first of the year, then that poses another problem. You will need to reside in your new state for at least six months before you are able to file in that state--or at least use that state's exemptions. If you file before that time frame, then you need to use the exemptions for the state you came from. In some cases you can use the Federal Exemption schedules, but I don't know the conditions.

You might want to consider purchasing the C7 book from nolopress.com. They have a print version and an online downloadable version that costs about 1/2 the price in a retail bookstore. It is written in plain English and has each states exemptions listed.

Good luck to you both.

[paintinrosesred]

Thank you for your response. Our atty says we can file a chapter 7.
We will file by this year or Jan... way before we leave the state in April/May so we are good to go there.
Just wanted to check with others to see if they had different problems with the BK when they were self employed.

[AngelinaCat]

You might want to look for posts by 'Soleprop'. That person had a small business. 'Southernbelle' did too, but most of her woes were caused by a bad ex.

[justplaintired]

I am self employed and have a W2 job, my DH has a self employed job, along with a W2 job. We both received 1099's each year on this income. Our attorney wasn't concerned and had me do a simple profit/loss statement for mine, my self employment is more then DH, I am a decorator, I am not the owner of the business, I only provide a small amount of the equipment so I do not have assets for this business, which probably makes this simpler for me. DH has a small mowing job. We are not filed yet, but will be filing C7 as our income and disposable income make us a good candidate.

Talk to a few attorneys and they can help. Your tax returns will show your income also and you will need the last 3 years. Also bank statements can show what deposits you make. Do you have 1099's turned in for your self employment? Don't worry, you'll be fine and a good attorney will be your best advice on this. Make sure you meet with a few. We met with ours back in Feb and will be filing soon.

Good luck!

[13bound]

i'm self employed and filed a 13 in july. i basically just needed last years tax returns and i printed a profit loss statement off of quickbooks showing the figures up to the date i filed. other than that i just furnished a good list of my equipment and values of it that i use in my business. the biggest issue so far was at my 341 the other day as the trustee objected to my plan because of funding since i'm self employed. my lawyer said don't worry about it.

[paintinrosesred]

Thank you for your input. I've got a really good atty (I did talk to many) so I'm good there. I was just wondering if there are going to be any surprises with being self employed. Thank you so much for making us feel better!