Skip to main content

I am self employed and will be filing a chapter 7 soon, which 6 mos of bank records do they want to see business or personal?

Newburgh, NY |

I am unable to keep up with the payments on @20,000 of credit card debt and live in Newburgh, ny

Attorney Answers 4

Posted

Short answer: both.

Answers are provided for direction only; it is not a substitute for an office consultation.

Mark as helpful

1 lawyer agrees

Posted

Do not bankrupt on $20,000! That's ridiculous. Settle the debt instead and take a 1099.

Good luck.

Mark as helpful

1 found this helpful

2 lawyers agree

1 comment

Asker

Posted

I may actually consider this after not paying for a few months, I really DON"T want to do a bankruptcy nor do I want prying eyes into all my records. And after all it is only @18,000 if I could settle for 10,000 I would take the paid settled mark on my credit report. I'm just wasting my time paying with 23%-26% interest rates...

Posted

It would have helped to know the form of your business. If incorporated or an LLC, the bankruptcy trustee may not wish to see the business bank records, but if you operate as a sole proprietorship, you are the business and there is no difference between business accounts & personal accounts. Hope this perspective helps!

Mark as helpful

1 lawyer agrees

2 comments

Asker

Posted

Sorry I'm a small DBA & I do keep separate a business bank account & personal account & separate financial computer records. quicken vs quickbooks for the business

Dorothy G Bunce

Dorothy G Bunce

Posted

With a DBA, you are the business and the trustee will want everything. Sorry!

Posted

The most recent 6 months of both business and personal bank records. You will also need to submit both business and personal tax returns, if filed separetely.

Mark as helpful

1 lawyer agrees

Business topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics