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Would monies owed to a corporation be lost as well?
so, I better stop working...
I should then urge my subcontractors to look for work and stop working for me as of monday?
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!!!
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.
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?