I'm sorry for the extreme length of this post. I read this forum every night and it's been a great source of info.
I REALLY need help!! I'm ready for a nervous breakdown and my poor wife is losing it also.
We've been in a ch. 13 for 26 mths. $632 for 60 mths. When we filed we were over median. Owed IRS & state $15,000. Unsecured $150,000 Secured about $75,000 My wife owns an LLC w/ 15 employees & I am one of them. At the time of filing our bank had a blanket security interest w/ a perfected lien on all assets of the business which includes equip,name,client list,A/R,vehicles, EVERYTHING. Our attorney put $0 for the value of the business assets and put a statement that the co. had a negative worth after accounting for the loan. At the time I took a good salary. No 341 objections, and plan approved.
We feel like the Titanic. All was going well and we just hit an iceberg.
Since that time we've paid off a car lease, a JD tractor and paid down our tax bill to about $9000. We got a $3500 tax refund that we put in the bank but have since used for business expenses only. Everything is carefully documented.
I haven't taken a salary for the last 6 mths. The profit on the business along with our rental income from our 2-family of which one side is our residence, is below state median. We expected to have business pick up as it has for the last 15 yrs. But so far dead. And our biggest client (auto supplier) just cut our contract to where our net profit has gone from $900 a wk. to $100. We heard today that a customer who we do $7,000 worth of work every 3rd wk. of May isn't having us do it this yr. We've always been behind thru the winter and caught up in the summer.
Now we are $5000 behind in our payroll tax deposits. We just found out that we owe the IRS $6000 for last year even though we paid in $10,000. We still owe $1000 for oil. Our yellow page ads are due Tues. for $2500 and by end of month we have a $6000 yrly. deposit on our wk.comp/liability/auto for the year.
We are under water with our house by about $75,000. Our two vehicles are worth far less than the loan balance and the balance on our one big loan for a mini excavator are 1/2 what it was when we started the ch. 13. BUT....we are current on our mortgages (3), current on all loans and BK pmts.
So after writing this book to you all, here's my questions:
1) Will we be forced to lose the house?
2) We have no personal assets I'm afraid of losing but we do have mini excavator that's worth $11,000 +- and I owe $6000. Can we use one of our wildcards which would cover it and let the trustee take anything else or will we lose it?
3) Assets of business which include 5 vehicles that are in the LLC's name and our A/R's are worth about $10,000 more than what we owe on everything to the bank. But the bank has told us they would reaffirm with us. They don't want it. Collectively they are worth what I said above, but sold separately, it'd be questionable because everything is getting old w/ high mileage. Do the taxes we'd owe if everything sold because it's all been depreciated come into play? After Trustee commission, seizure expenses, paying payroll and business expenses up to filing date, there would be almost nothing left and we'd have no way to make a living.
I've emailed all of this to our attorney. He was awesome getting us thru the confirmation and even met with us since. But now that he's completely paid I can't reach him. I'm sure he's swamped. What do I do??????
I REALLY need help!! I'm ready for a nervous breakdown and my poor wife is losing it also.
We've been in a ch. 13 for 26 mths. $632 for 60 mths. When we filed we were over median. Owed IRS & state $15,000. Unsecured $150,000 Secured about $75,000 My wife owns an LLC w/ 15 employees & I am one of them. At the time of filing our bank had a blanket security interest w/ a perfected lien on all assets of the business which includes equip,name,client list,A/R,vehicles, EVERYTHING. Our attorney put $0 for the value of the business assets and put a statement that the co. had a negative worth after accounting for the loan. At the time I took a good salary. No 341 objections, and plan approved.
We feel like the Titanic. All was going well and we just hit an iceberg.
Since that time we've paid off a car lease, a JD tractor and paid down our tax bill to about $9000. We got a $3500 tax refund that we put in the bank but have since used for business expenses only. Everything is carefully documented.
I haven't taken a salary for the last 6 mths. The profit on the business along with our rental income from our 2-family of which one side is our residence, is below state median. We expected to have business pick up as it has for the last 15 yrs. But so far dead. And our biggest client (auto supplier) just cut our contract to where our net profit has gone from $900 a wk. to $100. We heard today that a customer who we do $7,000 worth of work every 3rd wk. of May isn't having us do it this yr. We've always been behind thru the winter and caught up in the summer.
Now we are $5000 behind in our payroll tax deposits. We just found out that we owe the IRS $6000 for last year even though we paid in $10,000. We still owe $1000 for oil. Our yellow page ads are due Tues. for $2500 and by end of month we have a $6000 yrly. deposit on our wk.comp/liability/auto for the year.
We are under water with our house by about $75,000. Our two vehicles are worth far less than the loan balance and the balance on our one big loan for a mini excavator are 1/2 what it was when we started the ch. 13. BUT....we are current on our mortgages (3), current on all loans and BK pmts.
So after writing this book to you all, here's my questions:
1) Will we be forced to lose the house?
2) We have no personal assets I'm afraid of losing but we do have mini excavator that's worth $11,000 +- and I owe $6000. Can we use one of our wildcards which would cover it and let the trustee take anything else or will we lose it?
3) Assets of business which include 5 vehicles that are in the LLC's name and our A/R's are worth about $10,000 more than what we owe on everything to the bank. But the bank has told us they would reaffirm with us. They don't want it. Collectively they are worth what I said above, but sold separately, it'd be questionable because everything is getting old w/ high mileage. Do the taxes we'd owe if everything sold because it's all been depreciated come into play? After Trustee commission, seizure expenses, paying payroll and business expenses up to filing date, there would be almost nothing left and we'd have no way to make a living.
I've emailed all of this to our attorney. He was awesome getting us thru the confirmation and even met with us since. But now that he's completely paid I can't reach him. I'm sure he's swamped. What do I do??????
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