Special Challenges for the Self Employed Filing Chapter 13 Bankruptcy in Atlanta

You are eligible to file Chapter 13 if you are self employed but be aware that the process is much more difficult that it is for a salaried employee.
As I discuss in this video, Chapter 13 assumes that you will have regular, steady income and consistent expenses. If you are self employed, get paid on commission or have seasonal earnings, it can be difficult to craft a payment plan that will pass the scrutiny of your Chapter 13 trustee.
Further, Chapter 13 trustees usually demand documentation to prove what you earn and what you spend. Unless you are paying all of your creditors at 100 cents on the dollar, you will need to show receipts and bank statements. The trustee will calculate averages for your income and expenses and apply those averages to your budget - if your income is trending down or expenses are trending up, you may have to explain this to the bankruptcy judge.
Self employed people may also end up paying more for Chapter 13 services. If your income fluctuates post-confirmation your lawyer may have to file and argue a motion to suspend payment or to reduce your plan payment - these are extra cost services that will increase the fee you pay.
If you are self employed, you would be best served by hiring a lawyer with experience in this type of representation. #chapter13bankruptcy #atlantabankrutcyattorney #chapter13forselfemployed #chapter13andcommissioedsales #northerndistrictofgeorgiabankruptcy
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[@donkeykong1234]

great content on this channel, thank you

[@MurrayEstes]

Thanks!

[@MurrayEstes]

Is the Trustee fee of 10% spread out over 3 or 5 years?

[@asmattseesit.]

I've got a question regarding the trustee. What are there qualifications to be a trustee , are they required to submit their qualifications? I'M being forced into a bankruptcy by a bank that can't wait for me to sell the property they hold paper on. Almost started but the trustee thing bothers me. Also, being cash poor, SSDI is my only income now that I'm forced into selling the rental property. Can't hardly get the time of day from attorneys in Wisconsin. Without an Attorney's advice I've got an idiot making the decisions. Right now I'm betting everything on a quick sale. My equity is over 3 times my debt. I just don't get it ..I need time not someone else's hand in the little i have. I had a tenant back a lease leaving thousands of dollars in damages.. I spent everything I could find and the markets went flat. Three showing already since I listed with a new real estate broker. Ringers crossed. Thanks for doing all the video's been a great help. asmattseesit Mathew Braden

[@atlantabankruptcy]

Here's what I found online about what is required to serve as a bankruptcy trustee: www.bankruptcy-attorney.com/trustee/