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I live in Florida. I filed for Chapter 7 Bankruptcy and was…

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I live in Florida....
I live in Florida. I filed for Chapter 7 Bankruptcy and was told today that I was to list my corporation on Schedule B under Stocks and Business Interests. I need to know what "Exemption" I use as none seem to fit. This is my only source of income, or lack thereof. The Trustee said that I need to amend my schedule. I need to know the exemption to use.
Submitted: 6 years ago.Category: Bankruptcy Law
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Answered in 11 minutes by:
3/9/2012
Bankruptcy Lawyer: Terry L., Attorney replied 6 years ago
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,958
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Schedule B lists assets. You need to list your ownership of the business, including the value of the business.

For schedule C - this is where you can exempt value of the business, however I don't see any except the personal property that could apply.

Here is a list. http://www.bankruptcyinformation.com/fl_exemp.htm
For specific advice as to which exemptions you can and should use, you will need to speak to a local bankruptcy attorney. We cannot give out specific advice, since no attorney client relationship is formed here.

Let me know if you have any other questions.
Thanks and good luck.
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Bankruptcy Lawyer: Terry L., Attorney replied 6 years ago
http://www.bankruptcyinformation.com/fl_exemp.htm

Wages

100$ of wages for heads of family up to $500 per week either unpaid or paid and deposited into bank account for up to 6 months

Federal government employees pension payments needed for support and received 3 months prior

222.11

222.21
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,958
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Customer reply replied 6 years ago
I just want to give you a clear accurate picture. I filed for Chapter 7 personal bankruptcy. I have a golf cart business. I buy basically 3-4 used golf carts per month, fix them up and sell them. My business earns just enough to maintain itself. Some Months we sell $2000 of golf carts and make no profit, one month we sold $14000.00 and profited $1800 that month. However, the business rarely earns me income which is why I was able to qualify for bankruptcy in the first place. My spouse is on SSI. I went to my 341 and the Trustee told me I should have listed the business on schedule B, not just Statement of Financial Affairs and to amend it and give the proper exemption (she said based on income from employment) but, I don't know what exemption she is talking about... maybe "Wages" Also, I don't know how to value my business. Do I take the value of golf carts I have now and minus the monthly operating expenses? I thought being incorporated protected me. I am not rich and I'm barely getting buy. Now she is threatening to send out an appraiser. She stated my business is an asset of the estate, but, how much? Worst case scenario, should I consider converting to a Chapter 13? I don't know how I would even pay the money into the plan.
Bankruptcy Lawyer: Terry L., Attorney replied 6 years ago
Yes, list the name of the business, the business entity (corp, LLC sole-prop) etc.
Value comes down to assets minus liability plus good will. small companies like this, it's really value of assets minus liability.

For specific application of the exemptions, you need to hire a local attorney to assist you, since we are prohibited from giving legal advice in this forum, sorry.

The value of the business is the asset in the case.
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