Is the money from sale of business income for chapter 7?

Asked about 4 years ago - Los Angeles, CA

I sold my landscaping business. Most of the money was for a truck and tools but some was my client list. Do I include this money for the means test or as income under schedule I?

Attorney answers (1)

  1. Stuart Gregory Steingraber

    Contributor Level 17

    Answered . Income on the Means Test is averaged for the previous 6 months. If the sale of your business was more than 6 months ago, it is not included in the Means Test. It would be disclosed in the Statement of Financial Affairs as a transferred asset within the past 12 months.

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