Should I leave gf before she files?

[IBroke]

The trustee is not on your side. The trustee's responsibility is to determine if there are any non-exempt assets available for distribution to the creditors. If someone raises a claim that your girlfriend is hiding assets in your business the trustee will look into it. Breaking up with her will have no impact on that process.

Well, the trustee can ASK for the information, but the OP is in no way required to deliver any statements, documents etc.

Why? Because the OP isn't filing for BK.

Would it be helpful for the girlfriend if he would deliver the info? Sure, but he's not required to do so.

In case I'm wrong, we certainly aren't living in the "Land Of The Free"....

[dingdong]

I hope your GF doesn't read this forum.

[AngelinaCatHub]

I hope your GF doesn't read this forum.

LOL, that is why names are taken off or not allowed. I want to hear his response to Lucious. 'Hub

(In other words, w2's 1099s etc. If they did it right, they will be fine. I would gamble this at odds. )

[teddyselkirk]

1. My name is not Teddy Selkirk. did anyone here see The Usual Suspects?


2. Lu--That is partially correct. The ONLY thing done wrong was gf had account in her name and after a long lecture switched it. She did pay household bills out of the business account which I really hated.

This was changed to a business account over a year ago, with bills coming out of our separate accts so I am hoping we have some appearance of propriety.

[teddyselkirk]

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?


Oops, yes, we used W-2s the payroll co. gave us. Totally legit. NO 1099s

[OhioFiler]

Well, the trustee can ASK for the information, but the OP is in no way required to deliver any statements, documents etc.

Why? Because the OP isn't filing for BK.

Would it be helpful for the girlfriend if he would deliver the info? Sure, but he's not required to do so.

In case I'm wrong, we certainly aren't living in the "Land Of The Free"....

Those records could easily be subpoenaed.

[Humonese]

1. My name is not Teddy Selkirk. did anyone here see The Usual Suspects?

Yeah, but I still don't understand it.

If you break up with her, will she be pissed off and try to throw you under the proverbial bus in any way?

[backtoschool]

If the last salary check from your girlfriend to you is in the last year, I would imagine that your salary, tax returns, etc might be subpoenaed.

If she paid you in the last 90 days then you might even get some sort of claw back as a preferential payment, although since its a salary that probably won't happen. The fact that she mixed her personal and business accounts is not helping matters in regards to keeping your records from being subpoenaed.

The key here is that she mixed personal and business accounts, and that you have a personal relationship to her and got paid before other creditors. It will all be a matter of how recently she paid you.

A year back is not really enough in my opinion. The trustee can go back two years, and given the mixture of personal accounts and business accounts and the fact that you lived with her and were paid a salary, the trustee will probably go back the full two years in regards to records.

[LuciluS]

Maybe I've just lost what common sense I have BUT, I don't see where there is a problem for the OP who received a Salary from a Corporation whether it was this year, last year or 10 years ago. The OP is entitled to a Wages.

OP didn't answer all my questions, so therein lies a lot of more info needed. If in fact, the Corporation is a C Corporation with Officers, Submission of Directors' Meeting (which most likely never occurs, but there is documentation each year) and the C Corporation has filed their taxes on a timely manner, I don't see a problem with Wages Earned if they fall within a normal range based on OP's title.

What I think he is concerned about his girlfriend set up a business account for the C Corp. and paid personal bills out of that account. Happens all the time as I've worked in the private and public sector of Accounting. Wise ones have proper documentation to show expenses were Corporate related. Is it it Legal? No, but occurs all the time especially in Small C Corporations where all the officers of the Corporation are Family.

Now if it is a Sub S, S Corporation or possibly a LLC (i've been out of Accounting now for 4 years) then there might be a problem as GF had a personal and business account & co-mingled funds. However, there are ways to remedy that with a Loan Document drawn by the Corp. to the Officer of the corporation. These types of Corporations are included with the Individual Tax Return through a Schedule C.

Again, not enuff info by OP. As I said earlier, it's your decision to make on leaving girlfriend. However, if you think your moving out will have any effect on her Banruptcy, you are wrong...it will not have any effect. Your girlfriend needs to consult with a couple of Bankruptcy Attornies soon.

Luci

O HUB Dear! Did you intend to type my name the way you did or was it an error. If you did, Thank You for The Compliment....Lately, it's been kinna dreary around the house.

Luci

[teddyselkirk]

Luc---it was an S Corp. Hope that helps.

If I want to start a business on my own, should I do it now or wait until after the bk ? It would just be mine. I don't want the Trustee after my things as well. any new business would NOT use any assets belonging to her at all.

Any suggestions?

[Calthius]

Would the new business be similar to the old business, and didn't you state that you had the previous business with her? What happened to the assets of the other business when it closed or ceased to exist?

[Humonese]

And where is Teddy Selkirk in Usual Suspects?

[backtoschool]

Given that it's an S corp and there was a mixture of personal and company funds, the look back period will probably be 2 years, so starting a new company now isn't going to make a difference one way or the other (ie isn't going to keep them from looking at your records too)

Of course it is not your bankruptcy, so if they look at your records, it is not going to make you liable for anything, it is just going to weaken your girlfriend's bankruptcy case.

[LuciluS]

Read the following Thread to see if this would be of any help.

http://www.bkforum.com/showthread.php?t=38744

Click on the websites StartingOver08 has in his/her post. You may need to reduce the pixels of your monitor to read the moran law website - I did.

Luci

[teddyselkirk]

Thx everyone.

Hu--There were pictures on the wall, hence the name