Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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1. You can move your equipment at anytime, if you are afraid your landlord will try to take them
2. When you file a bankruptcy, you have to list all your assets, personal and business, and the Court Trustee would sell any non exempt assets to pay your creditors,
3. You can begin to work at anytime, however you have to be careful, as you do not want to show much income prior or during the bankruptcy, as that may hurt your case,
4. Once you file a bankruptcy the landlord will not be able to take civil action against you as the automatic stay stop them from taking any actions
If you have any further questions please do not hesitate to ask
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in your experience,
have you seen where the person filing bk has not won a case due to excessive income?
For instance, the company i purchased my practice from misrepresented the figures and I should be getting paid around $250k-$300k for a "1 million dollar" practice, when in reality its bringing in $650k and Im making around $70,000/yr. I can't afford to sue due to $30,000 retainer that most attorneys in my area are requiring not to mention additional costs and no guarantee of a win. Is the trustee going to really go over my paid taxes and A/R under a magnifying glass? My personal credit and wife's(who is also a doctor and partner)is stellar its just unfortunate that It will be ruined due to my one BIG business decision mistake.
I see. I have consulted with a BK attorney that will be taking my case(after meeting with 4 different attorneys) and he did not seem to concerned about the exact figures that we make except that he said that the amount of debt that we owe will never be paid back because its over 1,000,000. We are currently running the office on skeleton crew working extra hard and not making what we should. He didnt seem to prepare us too much either which lead me to get a second opinion here. He stated to wind down the practice and when we are ready to file to come in and he can file both business and personal bk at the same time. I just rather be overly cautious than overly confident.
If I file on Friday, can I start my new practice the following Monday or is there a long bk process(weeks or months)?? thank you
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