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Sole proprietor business in Chapter 13 Planning for Liq=
Review 548.
Research valuation of business to determine non-exempt equity payout in plan.
Peter M. Lively, JD, MBA
The Personal Financial Law Center
A-Bankruptcy-Attorney.com
Culver City (310) 391-2400
________________________________
To: cdcbaa@yahoogroups.com
Sent: Monday, January 16, 2012 7:44 PM
Subject: [cdcbaa] Sole proprietor business in Chapter 13 Planning for Liquidation Analysis
I have a manufacturing business owned as a sole proprietorship. Wecouple a living at this point, they bring in about $40,000/year.
Most of my small business clients have incorporated business and their business is as insolvent as they are as individuals so I dont need to worry about the value of the business. However, in this case, since all the unsecured debts will be paid/discharged in the Chapter 13, the business has whatever value it has regardless of the debts.
So what Im considering for a case to be filed as a 13 in Riverside is to take their main supplier who they are really behind on, and making it secured, wait 90 days + and then the value of the business will not be much more than they owe the main supplier.
Anyone see any problem with this, or think granting the security interest is unnecessary?
Steve
Law Offices of Steven B. Lever
>
> Steven B. Lever
>( Tel. (562) 436-5456 ext. 6470
>( Fax (800) 360-5161
>* sblever@leverlaw.com
> www.leverlaw.com
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