Starting corporation while filing BK

[HRG]

What is the name of your state? KY

If we are filing (trying for ch7) bk and in the meantime, my husband is starting up an S Corporation, how or will that have any impact on our personal bk? As I've mentioned in other threads, he's on a 2 mo contract project and is making a substantial amount of money during this period...so we are using most of the 'excess' money to do this. ie: having his website developed, spending money for filing the papers, about to buy a new computer for the business, etc... This is ALL start up money for the company he'll be running out of our house for the time being. We might have to have our ch 7 turned into ch13 because of the 'excess' money from this job, but will using the money for 'start up' costs still be looked at as 'excess' money we should have paid creditors, when the trustee see's this?

Thanks

 

[Ladynred]

If its all post-filing, then none if it is part of the bankruptcy estate and it SHOULD be ok. Definitely ask your lawyer to be certain. I'm not 'up' on the fine points of S-Corps.. or any other for that matter, so one of our other members can address that

 

[JETX]

On a personal note, how the hell do you sleep at night??
Here you are stiffing the creditors (whose money you BORROWED to purchase that big screen tv, car, clothes, dinners out, etc.) AND the tax-payers and consumers (us).
Yet, you claim that your husband is now "making a substantial amount of money"!!

You, and your family, are clearly leeches on society and I hope the hell that the bankruptcy court sees this for what it clearly is.... bankruptcy fraud. The abuse of the bankruptcy system that you exhibit is exactly what is fueling the current drive for bankruptcy reform.

Hell, if I had your last name and location, I would turn you in myself!!

Other than that, have a hap-hap-happy day.

 

[HRG]

Thanks, I'll be sure to call our lawyer first thing Monday to discuss this.

JETX

NO type of fraud trying to be committed here. If the trustee feels that the money we've put into getting this business up should still be paid to the creditors, then the ch7 will be turned into ch13 and we'll pay it ALL back over the course of 3-5 yrs. No big deal. If it will be a problem, then we'll try to start the company up after the bankruptcy. Have a wonderful day!!!

 

[Elmo-1]

HRG - Don't fret over JETLAG. He's not happy unless he's ruined someone's day. He been out playing football without his helmet again.

And Jetx, speaking of leeches on society, when’s the last time you had a paycheck that wasn’t from the government??? It’s called being pro-duc-tive. Aut disce aut discede – take your own advice: veritas vos liberabit (trans: the truth shall set you free).

“The abuse of the bankruptcy system that you exhibit is exactly what is fueling the current drive for bankruptcy reform.”

ROFL.... As usual 180 deg from reality, or in your words, DEAD WRONG!! Ponder on these for a while: ‘greed’, ‘MNBA’. Parva leves capiunt animas (tr: small things for small minds).

I won’t bother explaining because it’s an exercise in futility to clueless bulleys who troll the internet preying on the less fortunate. Remember, “non semper erit aestas” (tr: it won’t always be summer).

 

[JETX]

Looks like the old "Elmo intelligence of minus one" is back..... and still dribbling his nonsense.
I told that little kid to pull the battery on his TickleMe, but I guess mom put it back.