BUSINESS BANKRUPTCY ATTORNEY ONLY: Can debts in an LLC
BUSINESS BANKRUPTCY ATTORNEY ONLY: Can debts in an LLC partnership filing taxes as a Sub-S be discharged in a Chapter 7? If one of the two equal partners withdraws a large sum of money to pay his own separately owned company without authorization of the other partner and this potentially renders the LLC insolvent and unable to pay its payroll taxes and other third-party obligations, forcing the other partner to put the LLC into Ch 7, could the Trustee discharge that debt AND seek to recover it due to the partner who made the withdrawal preferring his own separate company over other creditors and is this likely? Lastly, can IRS force an Involuntary Ch 7 for unpaid payroll taxes?
In 2004 I had a Chapter 11 bankruptcy discharged in Idaho. I
In 2004 I had a Chapter 11 bankruptcy discharged in Idaho. I am still in Idaho and facing the possibility of having to file again. The laws have changed since, and I am reading conflicting information about being allowed to file again. Is filing for Chapter 11 possible?
I have a question about involuntary bankruptcies. Suppose a
I have a question about involuntary bankruptcies. Suppose a debtor only has two creditors--one being me. I want to file an involuntary bk on this debtor due to the fact she's not paying her bills and I will lose my secured equity position because of it.What is the minimum dollar amount she has to owe me in order for me to qualify to file an involuntary bk against her?
I have a bankruptcy law question. Suppose someone filed and
I have a bankruptcy law question. Suppose someone filed and discharged a chapter 7 bk 5 years ago. The waiting period is 8 years for another chapter 7. But what about an involuntary 7? If someone is not paying debts and squandering assets can I file aninvoluntary bk on someone before 8 years? I can't file an involuntary 13 and I can't afford to file an involuntary 11. Also, what happens if the debtor files a voluntary chapter 7 only five years after the first discharge? Is there an automatic stay at all?If so, does the court give a temporary automatic stay but order the debtor to convert to a 13 or an 11?
My sister-in-law and their husband are losing their house in
My sister-in-law and their husband are losing their house in foreclosure. They owe 80,000 they are 9,000 in the rears. he has a small retirement 1,000 a month and a part time job and she makes about 20K a year in a small business. This is a Freddy Mac or Fannie Mae backed loan. They are worried that they will be pursued for the difference after the property is resold for less. Should they be worried?
To Socrateaser: I have a question about involuntary
To Socrateaser: I have a question about involuntary bankruptcies. Can someone in a foreign country such as Mexico file an involuntary bankruptcy on a US Citizen? Any rules prohibiting this from happening?
Cooying/pasting a friends: question: How often can an
Cooying/pasting a friends: question: How often can an individual file bankruptcy? I have someone who filed chapter 11 buisnesses and was placed as a debtor as well. It looks like he failed to disclosure his current business which has been operating past 15 years - can he be reported ? Are there any repercussions failure to disclose?
I am currently in a personal Chapter 11 BK......it was six
I am currently in a personal Chapter 11 BK......it was six years old as of two days ago....there was an initial payment plan filed in 2010 but that plan was not approved. Essentially, there are two big problems. 1) about $500k in IRS debt (90% of thatis penalties and interest for failure to file for several years....those returns were finally filed probably 5 years ago at least....2) there is a criminal restitution lien that I am having a hell of a time getting rid of....that stems from something thattook place way back in 1989. Anyhow, the court just sent out a request to either dismiss the 11 or convert to a 7. I have no assets. All of the real estate property I owned when the 11 was filed has been sold. 3 of the 4 properties sold were short sales andthe other was not a short sale but since there was no equity in any of the properties to speak of the only people that were paid were the attorneys, the IRS, the State of Arizona and the Attorney General. So here is my question, I prefer not to convert toa 7. I would rather just have the 11 dismissed and then negotiate some type of settlement with the remaining creditors (all credit card companines and one law firm) and the restitution lien. What do you think? Also, if I do convert the 11 to the 7, does thatthen become a whole new BK filing where I have to fill out paperwork all over again? And then I have to wait for 90 days before the 7 is dismissed. I am pretty sure that some of the taxes cannot be dismissed even in a 7 but since I have no assets, I figureI can do either an offer in compromise with the IRS or prove I am insolvent. I am located in the State of Arizona if that helps. Please advise.