February 16, 2010
How will my bank records affect my Chapter 7 bankruptcy?
Steve B asked:
I am filing Chapter 7. My personal account does not show much activity. My business account shows sales of roughly 20,000 monthly however when I pay off the company that finances my inventory ( I do not own my inventory) It shows a profit of around $2000 per month. Even though my profit is below the median income, will the large deposits arouse suspision on the part of the court. The large deposits are followed by large payments to that company that owns my inventory.
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I am filing Chapter 7. My personal account does not show much activity. My business account shows sales of roughly 20,000 monthly however when I pay off the company that finances my inventory ( I do not own my inventory) It shows a profit of around $2000 per month. Even though my profit is below the median income, will the large deposits arouse suspision on the part of the court. The large deposits are followed by large payments to that company that owns my inventory.
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Comments on How will my bank records affect my Chapter 7 bankruptcy?
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I'm sure the court will have questions. No problem if you can explain.