| Author |
Message |
Miami...
Guest
0.10 Dollars($)
|
Post subject: |
|
|
| Hello everyone… I own a LLC along with my husband. There are lots of business loans in the name of LLC which we are unable to pay off at present…Friends and relatives have thus suggested about filing bankruptcy to save ourselves from creditors. My question is that if we file bankruptcy for the business debts of LLC, will our personal credit be affected? |
|
 |
sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
|
|
Post subject: |
|
|
Hi Miami,
I guess you are not personally liable for your debts of LLC. In that case, bankruptcy could be a viable option for you. As far as your credit report is concerned, it should not be harmed because business lines of credit or loans are not generally reported to your personal credit report. If the lender extended credit using your LLC's Tax Identification Number and the business name only, then these debts may not even show up on your credit report.
But, if you have personally guaranteed the debt of LLC, then this filing of bankruptcy can affect you and your credit report. Read the loan docs carefully and check out whether or not you've personally guaranteed the loan. You should even consult an attorney and check out his opinion in this regard.
Take care. |
|
|
dondomay
Guest
0.10 Dollars($)
|
|
Post subject: bankruptcy without filing tax return |
|
|
| can I file for bankruptcy without filing tax returns |
|
|
angie
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| how can you go about filling bankruptcy if you have no money to get it started? |
|
|
missgg00
Guest
0.10 Dollars($)
|
|
Post subject: Chapter 7 bankruptcy protection |
|
|
| I filed for chapter 7 bankruptcy and included a judgement in it. After I filed the creditor filed a writ of execution to obtain the judgement money. Am I protected since I've already filed? |
|
|
gingerddd
Guest
0.10 Dollars($)
|
|
Post subject: credit cards |
|
|
My wife and i have a joint credit card balance of 50,000, and are struggling to pay the minimum,, we have no property, or assets
Should we file chapter 7,,and should we stop use of all credit cards, or maybe pre paid cards? |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
|
|
Post subject: |
|
|
Hi!
To dondomay,
As far as I know, not all taxes are discharged if you file for bankruptcy. In my opinion, you will have to file your tax returns.
To angie,
I can understand that you are in a bad situation. But you won't be able to file bankruptcy if you do not have money to start the process. You can contact non profit organizations who may help you in filing bankruptcy. Apart from this, you can contact friends and relatives who may help you in filing bankruptcy.
To missgg,
If the court passes a judgment in favor of your creditor, then you won't be protected though you have already filed for bankruptcy.
To gingerddd,
As you have a joint credit card debt, I would suggest you to go for a debt consolidation or debt settlement. A debt settlement will help you in reducing your payments by 40%-60% depending upon your situation. This will help you in paying off your debts.
Feel free to ask if you've further queries.
Sussane |
|
|
Tiara
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| Hope anyone of you could answer my query… It's really stressful to know that the IRS would be coming after me. I'm planning to file bankruptcy. Can you guys tell me if filing bankruptcy would stop IRS collections? I have taxes which everybody thinks is unmanageable. Hope you could help me…thank you in advance. |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
|
|
Post subject: |
|
|
Hi Tiara
As far as I know, filing bankruptcy can stop the IRS collection on certain actions like wage garnishments, property seizures, bank account levies, Federal Tax Liens and some lawsuits. This will come into effect once the court issues automatic stay. However, if there is any kind of tax fraud, then the IRS can take stern actions against you.
If you are filing bankruptcy just to avoid the IRS, then I don't think it would be a good idea. Rather you can contact the IRS and set up a payment plan which will help you in paying off the taxes.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
Mex
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
Hello,
I've a question and hope someone here can help me. My wife and I are into bankruptcy due to huge credit card debts. There are some credit cards which has my wife's name as well as thus, she was also included into bankruptcy. We filed bankruptcy few months ago and have been consistently paying the dues. But, now things have changed and my wife has inherited some cash and land from her mother. Her mother is now deceased. The trustee told me that this inherited property can now be included into bankruptcy. My question is that I created the debts due to my fault. She was only on the credit cards and thus was included into bankruptcy. Why should her inheritance be included into bankruptcy filing? Is there any way that this inheritance can be protected? |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
|
|
Post subject: |
|
|
Hi Mex,
In this situation, your wife's inheritance cannot be protected. This is because you and your wife have filed jointly the bankruptcy and you're both equally liable to pay off the debt. In your situation, you can voluntarily dismiss your bankruptcy after consulting your bankruptcy attorney. Then you can pay off the credit card issuers from the money your wife received as inheritance. However, as soon as the bankruptcy case is dismissed, all the creditors will start calling again to collect their dues. It is also possible that these creditors will include late fees and interest into the balance you had prior to filing the Chapter 13.
However, in my opinion, it would be better if you don't dismiss the Chapter 13 bankruptcy and get it discharged. This will help you in discharging your unsecured debts. Moreover, though your wife's inheritance is included in the bankruptcy, your attorney can negotiate for a good settlement for you and you will have some amount of money left over.
Take care. |
|
|
jackbowley@yahoo.com
Guest
0.10 Dollars($)
|
|
Post subject: chapter 7 bankruptcy |
|
|
| How much money can a couple keep in cash when they file Chapter 7? We own our two cars worth about 10,000 each and have a house we are foreclosing on. |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
|
|
Post subject: |
|
|
Hi jackbowley!
Welcome to forums!
Chapter 7 bankruptcy exemptions will apply only if you've equity in your property. If the equity in your property exceeds the exemptions (federal or state), then you may lose the home. In case, you don't have equity in the property, it won't be used to pay your debts and you can reaffirm the mortgage to save your property. It is same in case of a car as well. If you have equity in the car which exceeds the exemption, it can be sold off to repay your car loan.
Feel free to ask if you've further queries.
Sussane |
|
|
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| Hi there…I want to file bankruptcy and would like to know if bankruptcy would solve capital gains problems. Will I be liable for the capital gains tax even after my bankruptcy is discharged? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
|
|
Post subject: |
|
|
Hi Guest
As far as I know, the short and long term capital gains will be taxed by IRS. Capital gains taxes cannot be wiped out in BK. You'll have to pay the capital gains tax if you make profit by selling the property.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next 
