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The Griffin Law Firm
The Griffin Law Firm, Attorney
Category: Bankruptcy Law
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Experience:  Member of NACBA and ABI
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Hello my name isXXXXX am in the proccess of getting divorced

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Hello my name isXXXXX am in the proccess of getting divorced & it is getting ugly. I inherited a small electrical cont. co. that is a c corp. my wife was exec. secratary and has not filed year end paper work with the IRS for 5 years the corp is in suspension but i pay double corp fees every year for contractual voidability. I would like to get A FRESH START and bankrupt the corp it has plenty of debt for this but what about the IRS will they go away my wife will not speak at all so Im stuck with the mess. i hope u can shed some light on the subject for me. Thanks Tom George of Golden State Electric/ PMG INC.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  The Griffin Law Firm replied 5 years ago.
Hi Tom,
I would need a little more info to give you the most complete answer. Are you considering filing bankruptcy yourself, or just the corporation? The corporation does not get a discharge like you would as an individual. Because of this, often the best option is to sell the remaining assets if any, close the doors, and walk away. Some of the scenarios where a chapter 7 might make sense are when there are substantial assets. Rather than liquidate them yourself and sort through the creditors as to who should receive what, you are able to use the services of the court and the trustee in your case who handles this process. Additionally, if you have creditors that you fear may be litigious, a chapter 7 filing may help protect you and other officers from lawsuits that could result in personal liability if they are able to pierce the corporate veil. Are you signed on as a personal guarantor for some of these obligations? I would think selling the assets, and walking away might make the most sense, but you may have other issues that you did not mention in your question.
The Griffin Law Firm, Attorney
Category: Bankruptcy Law
Satisfied Customers: 51
Experience: Member of NACBA and ABI
The Griffin Law Firm and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
I'm speaking corp. only at this time and mostly due to the IRS issue. I was taught that two things in life you "will" do are pay taxes and die! I'm fairly sure that the corp does not owe any taxes for the five years in question other than late filing fees or somthing like that however to get the paperwork away from my wife in any usefulcondition is not likly so the bankruptcy option seemed to be the best solution for me. i did sign private garutees on some items but not many and the corp owes me alot in officers loan money to shed a few assets that way seems logical. i hope this helps a little. thanks again Tom
Expert:  The Griffin Law Firm replied 5 years ago.
Tom,
If the corporation owes you a substantial amount, bankruptcy may not be the best option. In the bankruptcy you are turning over control of winding down the corporation to the trustee. The trustee's will take a percentage of assets he sells and his main concern is ensuring the fair and equal treatment of creditors within a certain class. As an officer, you are going to be lower on his totem pole. What's more, if you do not owe the IRS actual taxes, but merely penalties, I would not suspect they would spend the time and money to worry too much about it. If the business has any secured creditors, you could always just allow them to foreclose. The ting to keep in mind is that your corporation is a seperate entity from you with its own tax id number. Outside of the personal guarantees, there need to be some special circumstances for them to be able to pierce the corporate veil and go after you personally. From what you have told me, I do not think bankruptcy would be the most beneficial route here.
The Griffin Law Firm, Attorney
Category: Bankruptcy Law
Satisfied Customers: 51
Experience: Member of NACBA and ABI
The Griffin Law Firm and 2 other Bankruptcy Law Specialists are ready to help you

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