Q: I am a sole proprietor and have begun filing Chapter 13 bankruptcy paperwork...
I have turned in all forms, schedules, etc to my attorney, including value of INVENTORY in my business... My problem is that I need to replenish inventory levels in my store....I am running low on product and need to buy things to keep customers shopping
Do I have to revalue my inventory?? Am I allowed to purchase inventory for my store to restock?
The funds to make the purchases would be a gift from a relative trying to help....
A:
You mention having turned in paperwork to your attorney. This is a question that should be directed to that attorney, before you take any action. Your attorney knows the details of your case and your jurisdiction, and is the best qualified person to answer this question (and the only one ethically permitted to give you advice).
*Kevin Chern is Managing Partner of UpRight Law, a national law firm with licensed attorneys providing bankruptcy and consumer legal services in all 50 states. He is an Illinois licensed attorney with 21 years of federal consumer bankruptcy and consumer protection law experience. This response is for informational purposes only and is not intended to be legal advice. For legal advice, consult an attorney licensed in your state with the appropriate expertise.
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