Couple of timing questions.

[shoopy]

I have put off filing for a couple of months longer than I originally had planned, because I wanted to receive the proceeds from an unclaimed property/escheats account held by the State Treasurer. I finally received the proceeds, and would like to proceed, but now, I find myself wondering if I should wait until after the start of next year, as I assume that the trustee would want all of any tax refund from this year. As best as I can figure it, the refund would be approximately $300, but could be more, depending on how much of a loss my wife's LLC incurs.

It's been 6 months since I quit paying my credit cards and I'm thinking someone is going to want to sue shortly, although there have been no threats yet. I am collection proof, and don't mind answering a complaint or 2 in order to stall. But, is it worth it? How much time can answering a complaint gain you?

Just do it, or wait, opinions?

[LadyInTheRed]

IMO, it isn't worth $300 to file an answer to a complaint. I don't know about MI, but in CA the filing fee to file an answer is at least $225. Even if the filing fee is much lower, I don't think it's worth the trouble. You could wait and just be ready to file BK if you are sued.

Are you sure you aren't looking for reasons to delay? The sooner you file, the sooner you will get your discharge and move on.

I assume you are still planning to use MI exemptions and can't exempt the refund. Keep in mind that you will have wait until you file your taxes and receive and spend the refund to file BK. Depending on how long it takes to receive the K-1 from the LLC, it could be many more months before you can file your taxes.

I say, just do it!

[OHBOY]

IMO, it isn't worth $300 to file an answer to a complaint. I don't know about MI, but in CA the filing fee to file an answer is at least $225. Even if the filing fee is much lower, I don't think it's worth the trouble. You could wait and just be ready to file BK if you are sued.

Are you sure you aren't looking for reasons to delay? The sooner you file, the sooner you will get your discharge and move on.

I assume you are still planning to use MI exemptions and can't exempt the refund. Keep in mind that you will have wait until you file your taxes and receive and spend the refund to file BK. Depending on how long it takes to receive the K-1 from the LLC, it could be many more months before you can file your taxes.

I say, just do it!

WHOA.... filing fees in FL are 'nada'

[shoopy]

IMO, it isn't worth $300 to file an answer to a complaint. I don't know about MI, but in CA the filing fee to file an answer is at least $225. Even if the filing fee is much lower, I don't think it's worth the trouble. You could wait and just be ready to file BK if you are sued.

Are you sure you aren't looking for reasons to delay? The sooner you file, the sooner you will get your discharge and move on.

I assume you are still planning to use MI exemptions and can't exempt the refund. Keep in mind that you will have wait until you file your taxes and receive and spend the refund to file BK. Depending on how long it takes to receive the K-1 from the LLC, it could be many more months before you can file your taxes.

I say, just do it!

Waiting for the disbursement of the unclaimed property account was well worth it, so I don't regret waiting for it.

At this point, "looking for reasons to delay", yeah maybe. I lost a bunch of momentum while waiting for the check, but if there is a fee for answering a complaint in Michigan, I won't do it, and will file immediately. My issue is, if my rough calculations on tax are way off, I'd hate to drop a couple thousand in tax return, if my math is off. I will check into complaint answering fees this week. Main problem being, my wife and her associates wait until the last minute to do the tax paperwork, so I could be waiting until April to get definitive numbers. ARGGGGH!

[jst4f]

We spent time planning our BK with our lawyer but filed as soon as we could. Our only "regret" is that we did not file sooner. The fresh start is great. Maybe filing as soon as possible will get that LLC filing done a little earlier this time.

[Pjmax]

Shoopy, if you have all your paperwork together and organized, and you have found a lawyer you feel comfortable with, then if you do get a court/lawsuit notice you should be okay to file quickly.

Just something to think about; most of us here have agonized over the smallest details (mine sure seem that way now), from making the decision to file, finding a lawyer, itemizing our assets, waiting for the 341, etc. Most of us have also commented more than once, 'I should have done it sooner.'

(Jst4f: I posted right after you, didn't see your post, we kind of had the same thoughts.)

[pamkev]

Shoopy, if you have all your paperwork together and organized, and you have found a lawyer you feel comfortable with, then if you do get a court/lawsuit notice you should be okay to file quickly.

Just something to think about; most of us here have agonized over the smallest details (mine sure seem that way now), from making the decision to file, finding a lawyer, itemizing our assets, waiting for the 341, etc. Most of us have also commented more than once, 'I should have done it sooner.'

(Jst4f: I posted right after you, didn't see your post, we kind of had the same thoughts.)

Could not agree more with this post. Should have done this years ago.