Please pardon my longwinded question....
5-18-07 filed ch13/7-5-08 341 no objections/9-12-08 confirmed $145,000 unsecured $10,000 IRS-$1250 lawyer-10% trustee-Monthly pmt. $578
I can't get ahold of my lawyer to get answers. When we filed he said we were one of the few clients he saw that had a viable business worth saving.......
My wife is the sole member of a LLC. I get a paycheck from that LLC. But being a sole member, the court treats it as a sole proprietorship. The last year has been great. Made all payments on time. Tax return was ok and we just got our $3300 tax refund and stimulus pmt.
Here's where it goes downhill. Recession??? This winter, I had to stop taking a salary so we could not pay the SS/Med portion and save a few pennies. Barely got thru the winter and ONLY because a friend loaned us $4000 against future receivables. We make 90% of our yr profit from 5/1 to 10/31. Last May we had a $22,000 profit and I took salary. This yr. we had a $3000 loss with no unusual extra expenses & I took NO salary. There's at least 25% of our yearly income gone. And our plan was approved using last years tax return and w-2
We have a business loan that has a blanket lien on everything. They hold title to everthing. We're paying them outside of the bankruptcy and they have never even contacted us about the ch. 13. We're upside down on our house, owe more than our one car is worth but I have a Bobcat mini-excavator that I owe $12,000 that's worth $17500. And we pay off outside the Bk my John Deere tra
ctor which is worth $4500 in 5 mths. We have no other non exempt assets..... Will they liquidate our business if we reaffirmed the business loan? We owe $25k but we have $20,000 in vehicles and $20,000 in receivables. But that just pays bills. I don't see us making it thru the winter. Last yr. we prebought oil, prepaid car ins. and prepaid 90% of our $30k yrly workers comp ins. We've been unable to do any of this so far this yr. and I don't see us doing it now at all. Our lawyer has been paid off already by our trustee and our IRS tax bill is down to $7500. If we file ch.7 will they liquidate our business which is our sole source of income? I have osteoarthritis bad and the books are all I've been able to do over the last 5 yrs. Any help or thoughts would be appreciated.
5-18-07 filed ch13/7-5-08 341 no objections/9-12-08 confirmed $145,000 unsecured $10,000 IRS-$1250 lawyer-10% trustee-Monthly pmt. $578
I can't get ahold of my lawyer to get answers. When we filed he said we were one of the few clients he saw that had a viable business worth saving.......
My wife is the sole member of a LLC. I get a paycheck from that LLC. But being a sole member, the court treats it as a sole proprietorship. The last year has been great. Made all payments on time. Tax return was ok and we just got our $3300 tax refund and stimulus pmt.
Here's where it goes downhill. Recession??? This winter, I had to stop taking a salary so we could not pay the SS/Med portion and save a few pennies. Barely got thru the winter and ONLY because a friend loaned us $4000 against future receivables. We make 90% of our yr profit from 5/1 to 10/31. Last May we had a $22,000 profit and I took salary. This yr. we had a $3000 loss with no unusual extra expenses & I took NO salary. There's at least 25% of our yearly income gone. And our plan was approved using last years tax return and w-2
We have a business loan that has a blanket lien on everything. They hold title to everthing. We're paying them outside of the bankruptcy and they have never even contacted us about the ch. 13. We're upside down on our house, owe more than our one car is worth but I have a Bobcat mini-excavator that I owe $12,000 that's worth $17500. And we pay off outside the Bk my John Deere tra
ctor which is worth $4500 in 5 mths. We have no other non exempt assets..... Will they liquidate our business if we reaffirmed the business loan? We owe $25k but we have $20,000 in vehicles and $20,000 in receivables. But that just pays bills. I don't see us making it thru the winter. Last yr. we prebought oil, prepaid car ins. and prepaid 90% of our $30k yrly workers comp ins. We've been unable to do any of this so far this yr. and I don't see us doing it now at all. Our lawyer has been paid off already by our trustee and our IRS tax bill is down to $7500. If we file ch.7 will they liquidate our business which is our sole source of income? I have osteoarthritis bad and the books are all I've been able to do over the last 5 yrs. Any help or thoughts would be appreciated.
Comment