Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
My personal credit is ruined now. I only care about keeping my house which the mortgage is under water anyways. The only asset the existing company would have is myself and some tools . I do not believe at this point it would be worth anybody coming after either one. The IRS would agree that I would not be able to pay the back taxes in my lifetime.
If I dissolve the company would that still make me liable for the debts personaly?
I need to work but whatever I make goes to pay back debts. I will never be able to catch up at this point without makeing changes.
I have liens filed on my home from creditors. My mortgage is $100,000.00 more than the appraised value of my house so i don't know for sure how it works but it would worthless for any to foreclose on the liens. Would my best bet be to open another company so I can work and make some money and then try to negoiate the back debt. I would imagine creditors would have to find it and that could take a while.
Your opion or advise would be appreciated.