Archive for October, 2008

Lots of documents for the trustee

Thursday, October 30th, 2008

Boy… She wants a lot of documentation. 14 months of bank statements, ALL checks written from all business and personal accounts, documentation where money was spent on a business loan from last year, two years tax returns, and more.

This is going to be a PILE of documents. There are over 400 checks alone, plus most of my business checking account statements are 15-20 pages each! (there are multiple business accounts, too)

I suppose this is her job. She is looking for things like illegal transfer of assets, preferential treatment, etc. Which is not a big deal for us… we didn’t do anything like this. But I suppose there are poeple who try to cheat the system, and trustee’s like her will find them! She needs all this by Novemver 14th. So at least I have a little time to get copies of the checks from the bank.

Trustee requiring more documentation

Wednesday, October 29th, 2008

Today I got a letter forwarded from my attorney from our bankruptcy trustee. Evidently she is known as being very tough to debtors, and very creditor friendly. Hopefully this is not a big deal, and luckily for me I have documentation for EVERTHING. Whew!

Updated Bankruptcy Petition Schedule F

Saturday, October 25th, 2008

Today my lawyer had to send an updated “Schedule F”. This is the list of unsecured creditors like credit card companies, etc. On review of our original petition after filing we noticed our house was listed twice, once on the schedule F form as unsecured and on the correct secured schedule.

So, no big deal. It gets resubmitted electronically, and doesn’t really effect anything.

You can amend toy petetion at any time during the process. There are a number of forms or “schedules” that are used. For example if you forgot a credit card, you could amend the Schedule F I referenced above.

A few more accounts showing bankruptcy

Thursday, October 23rd, 2008

A few more accounts are showing included in bankruptcy. My credit score has now dropped to 523. My wifes is still up at 580 at this point.

Closing the business will it need to file bankruptcy

Monday, October 20th, 2008

Today I decided I would need to close the business. My month to date sales are down about 90% from last year. I am barely bringing in enough money to pay the electric bill, let alone any other bills. This is tough. I’ve been in this business for 17 years, and had the store for 3 years now, but the economy has changed, and my business is a sport for people. Not needed, good sales when there is extra income… with high gas prices and a bad economy, no one is even coming in the doors.

Not only that, but if I stay in the building I will still be responsible for my rent. Since I included my business landlord in the bankruptcy if I am out of the building the same month as filing I am only responsible for rent prior to filing.

One more thing to worry about. Ugh.