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Recent IRS questions

If a debtor is trying to settle with a creditor during a

If a debtor is trying to settle with a creditor during a Chapter 11 bankruptcy case, but then it is found out that this same debtor has a IRS tax liability that is over $900K+ related to not paying taxes for the last several years......should the creditor consider not entering into any settlement with the debtor where payments from by the debtor to the creditor would be made since the IRS could very well be in a position to stop those payments from happening and divert those payments/funds over to the IRS for past tax liability??

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NYCLAWYER

Attorney

Juris Doctor.

40,204 satisfied customers
Brothers house deed is in his name. Mortgage in ex wife's

Hi! Brothers house deed is in his name. Mortgage in ex wife's name. Mortgage co would not transfer to his name and he is current on payments. But there is a lien on the home and he is going through a bankruptcy right now. What are his options to save the home?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: OHJA: Has any paperwork been filed?Customer: Bankruptcy has been filed but he is looking for another auttorney. His current one has been very unresponsive and wants him to walk away from his home rather than finding a way to save it.JA: Anything else you want the lawyer to know before I connect you?Customer: I think that is it. He just wants to save his home from foreclosure or anything like that. But his current payment is way way too high.

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
Received a personal ch7 discharge 2 years ago. Not all

Received a personal ch7 discharge 2 years ago.Not all Federal tax was not discharged so their are tax liens on record at county recorder and on credit report. I had no success in settling state tax that was not discharged currently in the hands of a collector.

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
My wife and I own S-corporation in California. We owe about

Hello,My wife and I own S-corporation in California.We owe about $50,000 for tax money but we want to file a bankruptcy because we cannot pay this debt.What is our responsibility?

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Texas Atty

Juris Doctor

37,212 satisfied customers
I filed chapter 13 bankruptcy. I have been advised to file a

I filed chapter 13 bankruptcy. I have been advised to file a Debtor's Motion to File a Dismissal because I have greater IRS tax debt that is being negotiated on an offer in compromise with IRS and to wait until my OIC is settled that part is all ok with me.Where I have a question is that I do not know how to answer items 1 a or b. And item 2 a or b?Or do I have do answer them?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
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?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I filed chapter 13 bankruptcy in Los Angeles, California.

I filed chapter 13 bankruptcy in Los Angeles, California.Before filing chapter 13, I had an active Offer in Compromise with the IRS, I want to leave the offer in compromiseoutside of the bankruptcy. I want to move on with the Offer in Compromise, What do I need to do to protect it?the balance of taxes due to IRS are about $515k, the taxes due to FTB are about $55k. All the combined tax liens are about $900k. What is the best way to handle what I want to achieve? I want to get rid of unsecured debts and the tax from FTB and the tax liens under the bankruptcy chapter 13.

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Phillips Esq.

Attorney

Juris Doctor

20,692 satisfied customers
In Los Angeles, California. I filed chapter 13. Before

In Los Angeles, California.I filed chapter 13.Before filing chapter 13, I had submitted an offer in compromise to IRS.I like to protect that offer in compromise. I don't want it to be part of the bankruptcy.What must I do?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

114,224 satisfied customers
In Los Angeles California. I filed bankruptcy chapter 13.

In Los Angeles California.I filed bankruptcy chapter 13.Can my federal and state taxes be discharged?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
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