§ 32.4 — Business Involvements
Revised: April 1, 2009
Chapter 13 debtors occasionally are or have been in business. Typically, the business has failed. It may be as simple as an oral partnership to wash windows with a friend, or more complicated with stock ownership or a franchise. It may be evening or part-time work selling cosmetics or household products.
Ownership of a business, though the business is defunct or of negligible value, is a property right that must be listed in the schedules. Not inquiring regarding business involvements may leave counsel unaware of substantial debts and unrevealed assets.