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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37821
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Im incorporated in VA,Im the only share holder and I am behind

Customer Question

I'm incorporated in VA,I'm the only share holder and I am behind on equipment payments. Jan, FEB and now March payments are due. We have just started to work again,but it will take about 30 days before money starts to come in. Va levied my bank account last month because I some how missed a scheduled payment that was set up.I had to then pay them $25.000.00 before they would release my accounts at the bank. I have worked for VDOT plowing snow because we had a bad winter.I owed the state $131.219.00 with penalties and interest,in back taxes,now they owe use $157.000.00 for work performed + I gave them $25.000.00 already,so the owe us now,and the won't pay the remaining or over payment back until they see that I no other agencies. So what do I do,I have good personal credit,and had stellar business credit, but no line credit and can't get one now. I have exhausted all of my credit card just to pay employees, fuel and insurance. What should I do?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

If you have equity in your home, you could get a surety to cover your debts until you can get the bills straigtened out. It won't be cheap, but it's probably better than going out of business.


Or, you could try to find a lender to factor your receivables.


Hope this helps.

Edited by socrateaser on 3/5/2010 at 5:59 AM EST

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