post petition money

[BaianoLindo]

What is the name of your state?New York

hello everyone. I filled for Chapter 7, no assets case. will have a 341 meeting coming Monday (14th). I may, during this week, receive $5,000.00 - $10,000.00 to my Company's bank account.

what could happen?

 

[djohnson]

Are you a company? Do you own the company? Is it Incorporated? Who's money is it? Why if it's your money is it going to your company account? I need more information please to answer you. You may have a problem.

 

[BaianoLindo]

more info

Chapter 7 - individual
Company is incorporated and I'm the owner. The company does not do any business as of yet.
The money is investor's who might invest in company's product.
The money would to to the company's account as investment, under the agreement.
Hope this helps. Am looking forward to hear from you.

Are you a company? Do you own the company? Is it Incorporated? Who's money is it? Why if it's your money is it going to your company account? I need more information please to answer you. You may have a problem.

 

[djohnson]

If you are filing individually, it wouldn't effect money in the account of a corporation. However, if you are the sole share holder of the corporation, this can be considered assets and may cause a problem depending on the worth. You need to talk to your attorney about this.

 

[BaianoLindo]

bottom line

the corporation is included in assets with the zero ($0.00) value. I put it as exempt given that is a property after all. bottom line as I read Handbook for Chapter 7 Trustee (no money for a lawyer, PRO SE debtor) is that if the handling the property is "burdensome of of inconsequential value to the estate" the Trustee should abandon it (leave it to me).

so those $10,000.00 if I get it would go for the start of company's business, fairly complicated start, and if there would be any profit I'll have to pay so many people. and, after all, $10,000.00 are not accounts receivable, are a loan.

I gather that I shouldn't worry too much i.e. like the Trustee would seize that money from the Company's Bank account...

 

[djohnson]

There are no guarantees and given the complications that you will have, you need to hire an attorney. Pro se is fine if it's straight forward, yours is not. You are open to get eat up if you have that much cash on hand and property and want to say it's worth 0. Just my opinion.