Should I leave gf before she files?

[OhioFiler]

Thanks everyone--Her friends do not know anything about this, but they are not stupid. It was a personal loan before we met and is unrelated to me or the business venture we had together.

However as I said, the business account was basically her personal account. She would make equal salary distributions and any draws on the business were always the same/ equal for both of us.

Can they even demand my tax returns?

Ps- everything was legit except for her originally having the business account in her name. I only mean "hot water" AKA how far sucked into this can I get.

Did she issue you a 1099 for your "salary"?

[teddyselkirk]

Teddy, if your Nick is a composite of your real name, I would change it and ask the Mods to rid it here. Not to give your ID away to the Public.

Another thought that hit me on your first post. I'm not judging you and your concern but one good reason for marriage is called commitment, both legally and morally. You have been "together" for two years. I assume you have lived conjugally. What happened to "in good times or bad...till death do us part.....etc."?

Back to your question, that is your business to leave gf for your own reasons. It will not help you in bk as far as joint business accounts. It will probably make her a third ex-friend and she MUST under perjury tell her financial history for the last six months at least. Whether you wish to be or not, are a big part of that, since I assume she is living under your roof and eating your purchased food and all of that. They cannot go into finances after the 341 (except for fraud or a windfall you/she must report) and from the 341, she is fairly frozen in time. This vast amount of money loaned by friends (I would be quite upset too) what was it for if not the business, and if not the business, why the business account. Please clarify this.

More info, better help and advice. 'Hub

Oh geez, sorry about that 'Hub.

Anyway, I am being a bit facetious by my first post. Trust me when I tell you it has been more "for wrose" than "better".

The loan and the business are 2 different issues completely separate in time.

[teddyselkirk]

Did she issue you a 1099 for your "salary"?

Whats with all the suspicion? No it was not a 1099 b/c it was incorporated.

Not only that but a tax person did a paycheck stub every month.

Thank you.

[OhioFiler]

Whats with all the suspicion? No it was not a 1099 b/c it was incorporated.

Not only that but a tax person did a paycheck stub every month.

Thank you.

Well you said it was from her personal account. That was why I wondered if you were 1099'ed. So she actually paid you from the business account and withheld taxes? As long as your salary was reasonable I wouldn't see a problem.

[StartingOver08]

No we are not suspicious. We ask clarifying questions because we don't know anything about the situation.

The lookback period is a long answer. Read this link for explanation. http://www.fclaw.com/newsletter/mate...e_05.11.05.pdf

But if there is a small business involved, the lookback period is longer. Expect the Trustee to lookback 2 yrs. For anything involving a trust or real estate the trustee can lookback 10 yrs.

Most of the time the trustee looks at the 6 month period but you run into these longer periods when you have a business or if the trustee thinks they can find an asset. The trustee really examines self employed debtors/small business owners. Your gf will need to provide documentation for a longer period. She should make sure to get an experienced attorney that is familiar with the complications that come with small business owners filing BK.

[LSUTiger32]

You have to seperate these things into personal decisions and business decisions. The BK is a business decision (a cool dude on this thread helped me realize that even though his choice of colleges is questionable) and a personal decision.

Don't let the business side of things interfere with your personal decision about your girlfriend, especially if she is good looking! ;)

In all seriousness, seperate the decisions and make the ones that you feel in your heart and brain are the correct ones.

[teddyselkirk]

Thanks Starting

Ohio--sorry if I sounded like a jerk. To clarify it was incorporated but gf opened a personal account where any business money went into. I did not like this at all, but did not want a fight about it. Thats how she wanted it b/c she thought it would be more convenient.

From the payroll preparer's side it doesnt matter where it comes from.

After the accountant had a talk with her a year later, then she opened the business account and did it that way.

Thanks again

[OhioFiler]

You have to seperate these things into personal decisions and business decisions. The BK is a business decision (a cool dude on this thread helped me realize that even though his choice of colleges is questionable) and a personal decision.

Don't let the business side of things interfere with your personal decision about your girlfriend, especially if she is good looking! ;)

In all seriousness, seperate the decisions and make the ones that you feel in your heart and brain are the correct ones.

How can you be so wrong AND so right in the same post?!

[OhioFiler]

Thanks Starting

Ohio--sorry if I sounded like a jerk. To clarify it was incorporated but gf opened a personal account where any business money went into. I did not like this at all, but did not want a fight about it. Thats how she wanted it b/c she thought it would be more convenient.

From the payroll preparer's side it doesnt matter where it comes from.

After the accountant had a talk with her a year later, then she opened the business account and did it that way.

Thanks again

I didn't think you were being a jerk at all. Defensive, yes but not a jerk. Just trying to help!

[teddyselkirk]

Thanks Ohio

I am a defensive person. I try not to be, but old habits..

PS--GF says I am too.

[OhioFiler]

Thanks Ohio

I am a defensive person. I try not to be, but old habits..

PS--GF says I am too.

Defensiveness is often a cover for underlying insecurities. Look inside, identify what you feel inadequate about, deal with it and your defensiveness becomes a thing of the past!

P.S. No charge for this counseling session

[AngelinaCatHub]

Thanks Starting

Ohio--sorry if I sounded like a jerk. To clarify it was incorporated but gf opened a personal account where any business money went into. I did not like this at all, but did not want a fight about it. Thats how she wanted it b/c she thought it would be more convenient.

From the payroll preparer's side it doesnt matter where it comes from.

After the accountant had a talk with her a year later, then she opened the business account and did it that way.

Thanks again

You and she have a bit of a problem with co-mingling the corporation's monies. What happened to the original business? Did it dissolve in solvency or in debt? That would help.

Even though her debts are/were her own, you don't have to bk yourself, but will probably be involved more than you wish to be. One for the mutual enterprise of the business and two for the reason that you cohabited and shared expenses. Your income will be counted in her means test. Any CC's could be closed if she used them as a co-owner or authorized user. At this time (unless living together is too burdensome for both) not part as this could look like a planned separation and invoke a tad of "presumption of abuse".

It sounds to me that her bk is not going to be a 60 day roll off. 'Hub

[AngelinaCatHub]

P.S. No charge for this counseling session

LOL, join the club. See my first post here. 'Hub

[OhioFiler]

LOL, join the club. See my first post here. 'Hub

You wrote more like the pastor! I was writing on a more secular basis. All his bases are covered.

[LuciluS]

Hi and Welcome Teddy!

We are not here to judge you or your girlfriend. We are here to help, give support and encouragement k?

So let's get back to the old business. Your girlfriend, at one time, set up a business account in Her name ONLY right? And she paid herself and you deducting the appropriated taxes, filed her withholding taxes to the Federal and State, and issued both of you W-2s. And then, you filed your tax return(s) using the W-2s as you stated no 1099's were issued. Am I on the right track so far?

If I am on the right track and the business paid the taxes that were withheld from your paychecks, I don't see a problem as that is the proper way to pay a person who is not an independent contractor, thus a 1099 would be issued.
No monies exchanged hands or assets used from her when you started the new business right?

As for leaving your girlfriend, only you can make that decision. The majority of us are here because, at one time(s), we made bad decisions. Sorry members, but tis the truth. In my humble opinion, leaving her when she will be under a lot of stress, is not right...my personal opinion. She is going to need your support, encouragement and after 2 years I would hope your Love to her.

As always, I think she needs to seek the advice of an Attorney or 2 or 3 Attornies. I try to be kind to the members on the forum and that is my full intent in my post. However, I felt it would help the members if you would answer my questions.

Luci