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excess assets, what happens?

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    #16
    Wow I sure hope you are right.

    Originally posted by AngelinaCat View Post
    Your scenario is exactly what happened with us. We owed back taxes for 2004, 2005, 2006, and 2007. We could not discharge the 2004 taxes, because we had requested and gotten an extension for filing that year and the 'window of opportuniy' for us to be able discharge 2004 was not there.

    Anyway, what the trustee did collect from us, once he got paid his fees, etc., went to the bulk of the 2004 taxes with a little being applied to 2005. The two medical providers were left out in the cold.
    We owe about 2k left on our 2008 payment plan for Fed income taxes and will be filing our 2009 taxes with no payment soon. Business has been down past 2 yrs so I expect to owe about 6K in total 2008 & 2009 fed income and self employment taxes. If all or most of my accounts receivables and cash in the business account all totaling maybe 5k goes to them anyways. I am trying to protect all my other assets including a 14yr old motor-home valued at between 10~14k. I planed on paying the IRS anyways out of those funds prior to filing but if this helps me protect more assets I will just wait and include them in out BK and let the trustee pay them for me out of any access assets.
    Seems almost to good to be true. I guess that will be my first question for my attorney when I find one. I need to finish up my 2009 tax returns before I get serious about retaining one.

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