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Chapter 11: My business owes a lot of payroll back taxes.

Chapter 11: My business owes a lot of payroll back taxes. Last year I purchased property for the business location in my wife's name (cash -no mortgage). The IRS agent has come calling and wants my wife to transfer it to the business so he can levy/ seize it. I was hoping to set-up a payment plan, but the IRS agent is not cooperating. My tax attorney tells me I really don't have a choice because the agent could force it through the courts. As a strategy, I am thinking of filing a business Chp.11 and close it -this would force a payment plan for the debt and possibly decrease the employer's portion -I realize the employee portion is still owed....All this would be in an effort to save the property -but then there is the trust fund portion on my personal side. Therefore, my question is can they still come after my business property from the personal side -even if I file Chp.11 for the business? I can't afford to file for both/ personal & business.

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Maverick

Doctoral Degree

6,308 satisfied customers
I have another Bankruptcy question that has arisen and am

Hello,I have another Bankruptcy question that has arisen and am looking for help. My office is a govt agency that is a division of the CalEPA. Lets assume our claim is a non-priority claim. A company owed our office $30,000 from many, many years ago and then filed a chapter 11 bankruptcy in 1991. We therefore filed a Proof of Claim for the amount of money the company owed our agency. In 2010, the BK was converted to a chapter 7 case and the docket says "voluntary" and "assets". The docket also says "debtor disposition: discharge is not applicable" and that the BK was later terminated on 12/15/15.1. Hence, what happened to our Proof of Claim, meaning why didn't we get any payments? 2. Also, since this company is still in business today, could we still go after them for the money they owed us through regular collection efforts?

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DrakeLAW

Juris Doctorate

520 satisfied customers
My company has filed for protection under chapter 11. It

My company has filed for protection under chapter 11. It appears that the bankrupcy attorney is violating the rights of the major shareholders by potentially rearranging ownership. What authority does a bankrupcy attorney have to do such a thing?

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Texas Atty

Juris Doctor

35,284 satisfied customers
Bankruptcy atty please. My mother died and I am going to

Bankruptcy atty please. My mother died and I am going to receive a disbursement from a family trust. I am also facing a chapter 11 in the near future. The disbursement is pretty large. If I have the disbursement go into an IRA or 401K and wait 120 days will the retirement account be protected ?

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LawTalk

Attorney at Law

Juris Doctor

32,360 satisfied customers
I am in chapter 7. IRs said we owed taxes from 2008 to 2012.

I am in chapter 7. IRs said we owed taxes from 2008 to 2012. Those are listed in our bankruptcy. We do not owe for 2013,14,,15 and all returns are in. In the meantime they sent a garnishment to our pay master(retired military ) and garnished anyway $1900. They referred us to a tax advocate name and number so they can give money back k. Should I file a motion w court saying it was seized improperly and it is to be returned or believe the advocate will do their job?

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37,824 satisfied customers
Are there different state laws regarding unsecured student

are there different state laws regarding unsecured student loans as regards ***** ***** bk?

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Texas Atty

Juris Doctor

35,284 satisfied customers
Regarding my previous question: Would it be possible to

Regarding my previous question:Would it be possible for me to transfer 100% my property to my husband(or somebody else),and then file BK by myself?Would the property be protected this way from BK 7?Or the Bankruptcy Court would Object to this,as its done only to protect my property equity?

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DrakeLAW

Juris Doctorate

520 satisfied customers
Can a student loan be included in a bankruptcy if it is in

Can a student loan be included in a bankruptcy if it is in deferment, or do you have to be making payments?

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Alex J. Esq.

Managing Attorney

Doctoral Degree

21,874 satisfied customers
My Chapter 11 bankruptcy is close to being confirmed, and

My Chapter 11 bankruptcy is close to being confirmed, and that is good, but one thing rankles. It is that an unimpaired creditor submitted a bogus document in the proof of claim (POC). My lawyer says there is no reason to object to it or make any kind of complaint about it because I am not objecting to the claim. Is that correct? I think people who fabricate loan-related documents should be revealed in the light of day.(I would have objected based on some hi-jnks whit my payments in 2010, but I can't afford what my lawyer would charge me, which is $10,000 just to write and file the motion).It's a mortgage, and what the company submitted was an assignment of deed of trust dated 9 days after I filed for BK in 2015. It was from MERS to the Company, and signed by a Company employee who was not identified as such on the transfer of deed. He was deemed a "MERS assistant secretary." There was a similar document created in 2010, when a different Company employee was the MERS secretary, and she signed over the deed of trust and the note to her real employer at that time. Thus, MERS no longer had a right to transfer the deed in 2015.More to the point, the deed and the note, which I signed as borrower in 2007, make no mention of MERS. The original lender was Downey, which was shut down by the FDIC, and officially its assets went to US Bank. I can't figure out how MERS ended up with the ability to transfer my note and deed in 2010, or why the Company now claims it owns my note. The MERS search tool says Fannie Mae is the investor.On the last page of the copy of the note the Company included in their POC, there is stamp, I would like to know what it means that it is unaltered from the time I got the loan onwards. It looks like no one has ever signed the note over to anyone one. Just curious. My real question is above.

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Phillips Esq.

Attorney

Juris Doctor

17,882 satisfied customers
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