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Recent Bad Debt questions

I have a S-corp in California that I am in the process of

I have a S-corp in California that I am in the process of winding down sometime in the next 2 months.A former clients project I stopped working because he didn't pay. He hired someone new and I spent 6 hours doing knowledge transfer. Then told the clientI would do nothing else until I was paid for the last two weeks. The whole project is under 10,000 dollars. That being said the former client's lawyer has called me claiming I defaulted on a contract. I haven't returned the lawyers call yet. I have had nocommunication from them until this week. I planned to write the whole thing off as bad debt. What is the best strategy to handle this? How much risk am I at?

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CalAttorney2

Attorney

Doctoral Degree

20,028 satisfied customers
I red a company in Texas to collect a bad debt from a

I hired a company in Texas to collect a bad debt from a Canadian Company, my debtor paid the collection agent USD $35000.00 which I should rec'd USD 28,000.00 This just happened about 10 days ago. I told the agency the money should came to me directly before I hired them; but they didn't do that. The Agency told me that they need to hold the money for 60 days in case the debtor would changed their mind and sued them to ask them for the money back.Pls advise.

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Alex Esquire

Managing Attorney

Doctoral Degree

22,084 satisfied customers
Can you tell me how long ( how many years ) we need to

HI. Can you tell me how long ( how many years ) we need to keep our tax records according to the IRS? We do not own a business. Thank you!

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P. Simmons

Attorney

Doctoral Degree

35,656 satisfied customers
My divorce settlement conference went great today/into tonight.

My divorce settlement conference went great today/into tonight. Thank you for all your information. It was very helpful.In addition to the divorce, we discussed my husband's bankruptcy. One of his creditors asked me to pose a question to my husband's attorney at the meeting, but I didn't feel comfortable asking, so I'm running it past you.My husband has a creditor, a subcontractor who provided labor at one of his construction sites five years ago, and was never paid. The sub never sued. My husband wasn't going to list him on his bankruptcy because he knew the sub had no plans to pursue the debt and it was past the statute of limitations. However, the sub (a relative) would like to be named as a creditor on my husband's bankruptcy if it would be to the sub's advantage tax wise and he could write off the debt on his taxes. If someone owes you money and they name you as a creditor in their bankruptcy and the debt is discharged, can you write off that debt for tax purposes? Thanks.

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37,942 satisfied customers
Below is listed a commit from a subcontractor of mine. Can

Below is listed a commit from a subcontractor of mine. Can he do this. However it is the truth.Loyd,This is the last day of the month (yet another deadline we discussed). I leave for Spring Break Thursday. If I do not have payment by then, I am moving on. I will consider it bad debt and inform any and all parties I believe it is my responsibility to inform that they should avoid doing business with you. I already have a review on Angie's list ready to go. I have a much more extensive list, as well. You are obviously spending money. You simply choose not to pay me. Enough said. I am very tired of the topic. I hope you decide to make things right. John

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LawHelpNow

Attorney and Counselor at Law

Doctor of Jurisprudence

6,720 satisfied customers
I HAVE SEVERAL QUESTIONS FOR A NEW YORK STATE ATTORNEY THAT

I HAVE SEVERAL QUESTIONS FOR A NEW YORK STATE ATTORNEY THAT IS CONVERSANT WITH NOT-FOR-PROFIT LAWS AND PRACTICE. NONE OF THE LAWYER CATEGORIES ABOVE FIT THAT DESCRIPTION. WHEN I HEAR FROM A QUALIFIED ATTORNEY I WILL THEN POSE THE SEVERAL RELATED QUESTIONS.

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Damien Bosco

Attorney

Doctoral Degree

3,066 satisfied customers
I am being sued in a personal liebel suit and the plaintiffs

I am being sued in a personal liebel suit and the plaintiffs attorney has requested 5 yrs of my personal tax returns.Do I have to comply without a judges order to do so?And am I legally bound to answer interrog. or is it more of a proff. courtesy?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

47,104 satisfied customers
If a company has loaned money to another company but then dissolves

If a company has loaned money to another company but then dissolves before the due date of that loan, what happens to the loan?Does the money still get paid back to the owner of the company or is it considered bad debt in the dissolution of the company?The company in the process of dissolution is a small company which never had any profits. It is not being sold to anyone else. The debt in question has not been sold to anyone else either.Thank you for any insight into this question.

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CalAttorney2

Attorney

Doctoral Degree

20,028 satisfied customers
I received a letter from LSI Lease Source about a debt that

I received a letter from LSI Lease Source about a debt that they say I owe apparently for credit card processing. I don't believe I owe it. After searching the internet it seems that these people are in the business of fraudently suing people. It seems they claim to have a judgement and convince banks to draft your bank account for payments. Everything I read says "it's too late" to do anything except sue them after they have debited your bank account.I would like to know in advance what to do to keep this from happening to me and my bank account.

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Law Pro

Doctoral Degree

23,546 satisfied customers
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