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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16420
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 live and practice in California and I am planning to file

Resolved Question:

I live and practice in California and I am planning to file for business and personal bankruptcy next month. I have business loan of over 1,000,000 that my wife and I personally
guaranteed for our medical practice.
Once I file and close my business, I'm sure that the bank will come in to either liquidate my
business assets(medical equipments,etc..) to repay them or try to sell my practice
(and patient files) to another doctor.

I plan to move on and start fresh again not far from my
existing location asap and would hope to not lose my patients. How long after I file can i
start again? How long is the bankruptcy process from beginning to end?
Although the assets will belong to the bank, my landlord is untrustworthy and will attempt
to confiscate the equipment and change the locks. Can I move my equipment to a storage
facility and give it to the bank so that I way I am not responsible should the landlord
take any of the equipment?

thank you
Ray
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 2 years ago.

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 clarificati on

WALLSTREETESQ :

1. You can move your equipment at anytime, if you are afraid your landlord will try to take them

WALLSTREETESQ :

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,

WALLSTREETESQ :

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,

WALLSTREETESQ :

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

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

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Customer: replied 2 years ago.

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.

Expert:  WALLSTREETESQ replied 2 years ago.
Income is a key factor in bankruptcy cases, and be aware their are income limits when you file a personal bankruptcy, for instance in CA, a two person household has to make $61,539 or less to qualify in most instances.

That does not mean you cannot file bankruptcy, but be aware a trustee will examine your tax returns and current income to see if you can back any of your creditors.

When you file your personal bankruptcy the trustee will see how much you are making, and could use that to determine if you qualify for a chapter 7, the trustee can convert your case to a chapter 13, payment plan bankruptcy as well.
Customer: replied 2 years ago.

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

Expert:  WALLSTREETESQ replied 2 years ago.
You can start your practice at anytime, I would wait after your 341 meeting with the trustee,

In terms of a case like yours, where their is a high amount of debt, a chapter 11 case may be filed as well, Debt limits for Chapter 13 are $360,475 of unsecured debt and $1,081,400 of secured debt.

There is no minimum amount of debt that you must have to file Chapter 7
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16420
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you

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WALLSTREETESQ
WALLSTREETESQ
Attorney
2749 Satisfied Customers
14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS