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?
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).