pre-bankruptcy loss small business
February 10th, 2008 by Questions
I have a small self-employment business. I filed bankruptcy in mid April and my business losses in pre-bankruptcy were considerable. In the post bankruptcy period I had a good profit. Can I balance off some of my post profit with the pre bankruptcy loss. I am not incorporated.
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February 11, 2008 at 6:11 am, A licensed trustee said:
No, you may not. Your loss carryforwards are frozen as at the date you filed for bankruptcy – they may be applied to PRE bankruptcy incoem, but nothing after the date of bankruptcy.