Thanks for your timely response, in order for you to better answer my question ,I thought it necessary to give you some pertinent information. I will be willing to pay more. It is my first time using the site and I did not press accept since I want to continue speaking with you. We have already qualified for the Means Test
My wife and I need to go forward with the bankruptcy, time is of the essence. My mother was planning to sell her house anyway, I have been on the deed for the last 4 years. I have been in GA for the last 3 years. If Mom was to go ahead with sale and I were to go ahead with the chapter 7 simultaneously will the trustee take 50% of her profit (my half of the equity) or will they want all of her profit after the mortgage is paid off? At present her mortgage balance is $443,000.00 and he house is valued about $555,900.00 on 07-08 tax records and projected $536,000.00 on 08-09 tax records.
My S Corp was formed in June 2007. We have shares; half in my name and half in my wife`s name. We work from home; we do not have DUN & BRADSTREET #. We are a transportation brokerage, at present we do not have any business assets. Our only form of advertisement is business cards and we do not have a company website. We facilitate moving vehicles from dealership to dealership or to homes in all 48 states. We solicit dealerships via cold calls, referrals and building relationships.
When a dealership asks us to move a vehicle we give them a quote, once the quote is accepted we post the vehicle on-line on a site that all truckers can access, a trucker then calls for the load. We dispatch the load to the trucker only after we verify the Motor carrier Authorities and have their Insurance Agent make us certificate holder. This covers the dealership in case of damage during transit.
When the dealership pays us, we then pay the trucker. We are paid via checks and credit cards. Will the trustee see our company as a treat to the public or a liability to the public and as a result move to have my business terminated? We also carry a bond that covers us up to $10,000.00 for paying truckers if we fail to pay them. None of the debt I am writing off pertains to this current business, We are in good standing with our bond company and all our truckers.
Since my mother is planning to sell her home anyways because of her drowning adjustable mortgage, my main concern now is will I be able to keep my business or will the trustee gain control.