Does filing a bankruptcy on a sole member LLC affect my
does filing a bankruptcy on a sole member LLC affect my personal credit score as well or just the business and DUNS? If so for the same as personal bankruptcy or in the future can I still say I never filed bankruptcy
Years ago i received an 11,000.00 fine which the idph
years ago i received an 11,000.00 fine which the idph purposely sent to an old address and I never got a day in court. The fine was for my old corporation that has since dissolved. Also I filed bankruptcy on the amount as well. What law says I do not have to pay or am not responsible for paying it now?
I received a letter from the Department of treasury bureau
I received a letter from the Department of treasury bureau of the fiscal service. They are trying to collect on a debt of $427,697. This appears to be from a personal guarantee on an SBA loan I borrowed in 2001. The business file Chapter 11 bankruptcy in 2006 and submitted a plan of reorganization in 2008. We were in bankruptcy for over two years while fighting a lawsuit against a franchisor that shut us down.This is the first I've heard from the SBA. The stating if I do not pay or respond, they will garnish my wages.There is a list of items that discuss my rights.I am self-employed, and not sure of my downside by calling them.I'm not sure I even have a very specific question other then should my first step be calling them? Also any advice on talking with them?I never did file personal bankruptcy as I did not have enough assets for them to go after.
Can you dissolve your CA corporation while you are in
Can you dissolve your CA corporation while you are in personal bankruptcy ch. 7?If you decide to dissolve a corporation, and give 120 days notice to your creditors to file a claim, but do not have sufficient assets to pay all corp debts, then what do you do?By 'assets' for example, "machinery" that is used in business, how is it determined if it is a corp asset or a personal asset used in business?Can you dissolve a corporation and start a new one that does the same thing?
I have an S-corp which is going to close due to losses and
I have an S-corp which is going to close due to losses and unsustainable debt. In the process we will be filing personal Chapter 7 bankruptcy. There is roughly $300k in business debt we have personal guarantees on, plus another $400k in loans we owe to the corporation. The company has about $600k in total debt between suppliers, bank and credit institutions,etc. My understanding is that if we file personal Chapter 7, our garantees on the business debt will be removed. I have an opportunity to do some asset sales of parts of the business - email list, group customer base, etc. So the company would have stopped operating (no employees, no locations, etc) but would have a revenue stream from these different sources coming in of say $10-20k / month. It would still require me to do some work for the revenue to come in and also to pay debts over time with the revenue.I would expect judgements against the company from our debtors, but my question is this. Would I still be able to take a salary from the company since the revenue would not exist without my continued effort and I would be doing the work of managing and paying vendors? Or will the judgements completely take all revenue the second it comes in, in which case I would just stop wasting my time and the revenue would stop anyway....It seems like the best option to try and get some value from our assets so that the people we owe get paid as much as possible. But I don't know if that can happen if I can't pay myself for keeping it going.