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FiveStarLaw
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Category: Bankruptcy Law
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Planing to file Oct2-3. But all work done between next MOnday

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Planing to file Oct2-3. But all work done between next MOnday and end of the month will be subject to assets/liabilities (income/expense) on October 14 and 28.
There is 2 week delay in receivables. I pay my contractors when I get paid. Should I switch myself from Corporation to subcontractor before monday, thus limit what's on the books on Oct2-3, or should I continue status-quo, until Trustee orders me to close my corporation?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 1 year ago.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

Thank you for your new question. Please remember I cannot give you legal advice. Although I am a Florida attorney I am only providing you with general information

Monies owed to an independent contractor are not considered wages and do not qualify for a wage exemption. Any money that is owed to you as an independent contractor would need to fall within your personal property exemption or it would be lost
Customer: replied 1 year ago.

Would monies owed to a corporation be lost as well?

Expert:  FiveStarLaw replied 1 year ago.
More than likely
Customer: replied 1 year ago.

so, I better stop working...

Expert:  FiveStarLaw replied 1 year ago.
May be so
Customer: replied 1 year ago.

I should then urge my subcontractors to look for work and stop working for me as of monday?

Expert:  FiveStarLaw replied 1 year ago.
You would really need to consult with local counsel to make that determination as I cannot analyze your corporation and personal situation to that extent
Customer: replied 1 year ago.

Problem with local Attorneys is, that they sit in for 5 min and get pulled out, and then its a paralegal, who's knowledge is as good as mine. Besides, I do not have the money! Had I come across this site, I would have saved myself 2K in loan modification...


I understand that you are unable to answer. I wish I could sit down with you! Last question for today. Somewhat rhetorical. What monies am I supposed to pay my bills with if Trustee seizes either my Corporation's or my own ( as a subcontractor) income ( would the trustee acknowledge that corporation owes monies to me) After all, I become the property of a Trustee once I file. Sic!!!

Expert:  FiveStarLaw replied 1 year ago.
Unfortunately, the bankruptcy law only makes provision for those assets listed as exempt in a chapter 7. You really may want to do the calculations to see if you are better off in a 13. My suspicion is that you will be very surprised
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36503
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

The thought of surrendering my life to someone for next 3-5 years is hard to accept. I have a property that is worth 1/3 of what I owe on it. My home, after modification to first mortgage and possibly settling on 5-10 cents on the dollar on 2nd mortgage down the road, will cost me as much as rental. Hence I exempt it. I have 40 K in CC debt, and schedule J shows negative cash flow. No residual income to pay 13. Yet, the means test takes me through to the end, since my income is above 35K. I still will need to trim my expenses to pay obligations after successfully completing ch.7. I have one option up my sleeve. Taking ex-wife to court to modify/ lower my child support payments. But that's for down the road. And even if, my chances are slim to none.

Customer: replied 1 year ago.

Thank you again. Your answers and clear and concise. I will be in touch as I continue going through all the docs. BTW. I was prompted to authorize another payment to chat with you. I was under the impression, that my membership allows for unlimited question. Was I wrong?

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