How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

my husband an i are probably going to try for a chapter 7 or

Resolved Question:

my husband an i are probably going to try for a chapter 7 or the 13. one of my questions is: we closed the business as of 6/2011. i have an income statement from the business. i have not compltd our 2011 taxes. do i need this for the courts?
Next, my husband turned over his printing clients to another printing owner with the agreement (put on paper) that my husband gets paid 10% commission on net sales per month until June 2012. He has been depositing into personal acct. not business because we closed the bus. bank acct. I work for a utility so I have my paycheck stubs. The other amts he has been receiving hv bn around 200 to 300.00 per month. This would be considered gross income.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :

Welcome to JustAnswer,

So sorry to hear of this dilemma. If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

WebLaw :

Typically the bankruptcy court will require that you complete your tax return. However it is not necessary that the return be completed prior to filing

WebLaw :

Your husband's agreement regarding his 10% commission, would be considered an asset of the bankruptcy estate.

WebLaw :


Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.

Customer:

thank you for being so quick....

Customer:

what does "asset of the bankruptcy estate mean?" does it mean i have to withhold the

Customer:

monies and give it back to the court...pls clarify - i don't get it.

WebLaw :

An asset of the bankruptcy estate is an asset that is taken by the bankruptcy court for the benefit of the creditors. You would not have to withhold the money prior to filing bankruptcy however once the bankruptcy was filed, typically the future payments would be paid directly to the bankruptcy court.

Customer:

Thank you. Re: my back taxes for 3 yrs have not been paid and I owe 941s.

Customer:

I have a revenue officer that I have been working with and she is aware that I am probably

Customer:

going to pursue the bk. If my house in Folsom,California which would sell for less that what I

WebLaw :

That is actually a separate question that JA requires be asked on a separate page. However you will want to know that the taxes would typically be considered a priority debt and would be paid first with any proceeds collected by the bankruptcy court

Customer:

owe, is there any kind of settlement that could be reached for the 1040 taxes?

WebLaw :


JustAnswer requires new questions to be posted on new question pages, but you can request me by starting your question with "FOR WEBLAW" and/or typing your question in my question box, which can be found here: http://www.justanswer.com/profile.aspx?PF=9968427&FID=39

Best wishes for a Happy and Healthy New Year!

Customer:

I realize that 941s must be paid....thank you . you are being pretty helpful

WebLaw :

My pleasure. Please remember to click accept so that the site pays me

Ellen and other Bankruptcy Law Specialists are ready to help you