§ 32.4 — Business Involvements

Revised: April 1, 2009

[1]

ChapterĀ 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.

[2]

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.