Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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Yes you can do so, however, the liens may remain to the extent of your assets.
For example, if you have $50,000 in debt, $10,000 in IRS liens, and $2,000 of property without liens, the $50k is discharged, $8k of IRS is discharged (unless it is taxes within last three years 2009-2011 - those you have to pay), and $2,000.00 of IRS lien would be paid.
So it can be done fortunately for you, it just may not be completely dischargeable.
I will be on and off throughout tonight and tomorrow and would be more than happy to answer any other questions you may have.
So feel free to post more and when I get back on i will answer.
If this answers your questions, be sure to provide positive feedback so we get credit for the chat.
As I said, I will be happy to continue to answer your questions throughout the next day or so until you are completely satisfied.
Have a great weekend!!!
That really helps me, Paul. I do have more questions. Let me type out the rest of the questions for you :
2) If there is a property owned by the business, what happens if a bankruptcy is declared by the business?
3) Is it necessary for the owner to declare bankruptcy in this case also?
4) If there are already liens against the property by the people who loaned money against it as a collateral. One of the lenders is "Hard Money Lending"
5) The property was transferred to this business from another entity recently. The loan from the "hard money lending" was originally given to the other entity and the mortgage/ lien does not show in the records yet. In case of filling bankruptcy, what happens if there are other individuals whom the business owes money, but they have no liens against the property and just give money to the business?
6) In case the bankruptcy is filled, can the taxes be waived also?
Thank you so much for your advice! I look forward to receiving the rest of the answers
Oh thank you! That has helped a lot
:) and you too
Ofcourse, I will