QUESTION
If I filed a business loss last year on my tax return, will the trustee ask for any other information?
Asked on Sep 30th, 2017 on Bankruptcy - Ohio
More details to this question:
Last year, I filed business loss but a year later I filed bankruptcy. Will the trustee need a profit and loss statement or 1099 from last year's tax return? I no long have the business.
1 ANSWER
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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If you no longer have the business, the trustee will be concerned mostly about any assets you used in the business, for example, tools, equipment, inventory. The trustee is looking for assets she/he can sell to pay your creditors, the trustee isn't concerned about your income or losses in earlier years.
Answered on Oct 02nd, 2017 at 2:45 PM