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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4829
Experience:  36 plus years of experience specializing in bankruptcy law
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Our busines used to be 4 Times larger than it is now. We only

Resolved Question:

Our busines used to be 4 Times larger than it is now. We only profit 40 grand per year now. But the state just told us we owe 30k in sales tax. They said we have to pay 10k in 30 days but we don't have the money.

What are our options? Is chapter 13 an option for sales tax or no
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  dylatess replied 1 year ago.

Over 35 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

 

if you are a individual doing business as, as opposed to your business which is a corporation, you can file a Chapter 13 and schedule the sales tax to be repaid through a court approved plan. Likewise, if you are a corporation, you could file a chapter 11 BK but that is much more expensive (the filing fee is over $1000) and more difficult to have approved.

 

I wish you well. Please rate my answer ok or better so that I may be paid for helping you.

Customer: replied 1 year ago.

We are an llc

Expert:  dylatess replied 1 year ago.

same thing as a corporation. Your only option is a chapter 11. Likewise, do not do it on your own as it is tricky and you need an attorney's assistance.

 

Please rate my answer ok or better. Thanks.

Customer: replied 1 year ago.

Do I still need to pay the entire debt?

Expert:  dylatess replied 1 year ago.
Yes.
Customer: replied 1 year ago.

is it possible to close down the llc. and open up a new one? then there is no one responsible for the money?

Expert:  dylatess replied 1 year ago.

You are posting a new question. Please re-post and you can ask for me to answer that question if you like.

 

Please rate my answer to your original question ok or better so that I am compensated for helping you.

dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4829
Experience: 36 plus years of experience specializing in bankruptcy law
dylatess and other Bankruptcy Law Specialists are ready to help you

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