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I'm filing Bankruptcy Ch13...my personal and business that…

I'm filing Bankruptcy Ch13...my...

I'm filing Bankruptcy Ch13...my personal and business that flopped...I'm ready to start a new business...but was told I couldn't have any money coming in while under Ch13...is this true...how long do I have to wait to start making money from my new business..please advise

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Illinois...and yes I have filed

Lawyer's Assistant: Has anything been filed or reported?

Filed...not sure what you mean with reported

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No...that's it

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Answered in 14 hours by:
3/13/2018
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,961
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified

Good morning. That is not correct. If you are doing a chapter 13, you need income to fund the repayment plan, so having income is not an issue. The chapter 13 is a 3-5 year repayment plan, so you'll definitely need income to pay your monthly bills as well as fund the repayment plan. Let me know what questions you have.

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Customer reply replied 4 months ago
I'm asking....when can I start my new business endevor and make money...while being in bankruptcy

you can start at any time. The trustee could review your tax returns, and if you are making significantly more income, they could bring a motion to increase your payment. This is rare though.

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Customer reply replied 4 months ago
It would be filed under my business taxes...not perosnal..so would I still have to pay more...if they re separate?

A corporation/LLC/partnership etc. cannot file chapter 13. only individuals can. An individual can list down debts that they may have guaranteed for the business. any Corporate tax liability imputed to the business owners can be paid in an individual chapter 13 though.

The trustee can review a debtor's income from whatever source, usually through reviewing tax returns, to determine if they are paying all of their disposable income into the chapter 13 plan. As i said, it's rare that the trustee would request a plan to go up, but it is possible. What other questions do you have.

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Customer reply replied 4 months ago
Thanks...that's it..

ok thanks. please click accept to close question and rate my answer. if you have any other questions, feel free to request me.

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following up, do you have any other questions? let me know. The question still shows as open.

if not, it was a pleasure to assist you. if you could rate my answer, I'll get credit for answering, click accept below and then you can rate me. thanks! Terry

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HI. Please click accept to close question and rate my answer if satisfied. If you have more questions, please let me know here and I'll be glad to answer. thanks. Terry

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,961
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
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