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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have filed for a chap 7, 341 hearing on Monday. Due to lack of income filed myself. Appr

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I have filed for a chap 7, 341 hearing on Monday. Due to lack of income filed myself. Approx 22,000 in unsecured debt. Now I understand that the Trustee can come after my corp, which generates the 700 dollars per month that I live on. My equity 30% is sweat equity. The other two share holders have invested as i build the company.

Considering a motion to dismiss, as I have nothing that the creditors can come after and several of them have agreed to a 25% settlement which I could borrow and repay as I can.

Only advantage is that I live in an RV which was claimed under the homestead act, where I have paid 18,000 against a 26,000 dollar loan. However I could continue making payments if I had to.

I don't mind sending something for your time.

Bill E

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification

WALLSTREETESQ :

What do you need help in?/

WALLSTREETESQ :

If you want your case dismissed, you can fail to appear at the 341 hearing if their is another one, also if you fail to submit the financial management certificate the case will be dismissed as well,

Customer:

Dear Sir, yes I understand that, I am trying to ascertain if I can file a motion

Customer:

to dismiss, at any time, if the Trustee comes after assets in the corp? Then I am also looking at whether or not to convert to a 13, pay creditors say 25%, is that normally acceptable with unsecured debt?

Customer:

Sorry, I got what you are saying, if it does not move in a direction where I can survive the bankruptcy, I would just fail to submit the 2nd cert.......

WALLSTREETESQ :

You can file a motion to dismiss at any time during the chapter 7 case,

WALLSTREETESQ :

A chapter 13 option may be a good option as well, as you canreduce much of the principal you owe on all your debts,

WALLSTREETESQ :

and keep any non exempted assets you have,

WALLSTREETESQ :

The conversion motion is automatic, and will have to be approved by the chapter 7 trustee,

Customer:

Thank you, XXXXX XXXXX would then I ask at the 341 hearing to convert? When you say automatic, what is the trigger? I am good, other that. Thank you for your time.

WALLSTREETESQ :

You would have to still file a motion to convert, but the first request is allways granted.

Customer:

Thank you sir, if I wanted to contact you in the future, is that possible?

WALLSTREETESQ :

Yes, you can ask for wallstreet esq., at any time,

WALLSTREETESQ :

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