A client came to see me because the IRS was threatening to shut down his business for non-payment of payroll taxes of over $100,000. I asked why the taxes hadn’t been paid and he told me that he had cash flow problems so he used the payroll taxes as a short term, low interest loan […]
Can My Claim Survive Bankruptcy?
One of the key reasons a debtor files bankruptcy is to obtain a discharge of the debtor’s pre-petition debts. Generally, only an individual debtor obtains a discharge. In cases of corporate reorganizations, the Plan may include a provision that except as provided in the plan all pre-petition obligations are discharged, but otherwise, the corporation does […]
Can Debtor Avoid Turning Over Assets to the Bankruptcy Trustee?
Let’s say “Jane” doesn’t see a lawyer in time to orderly dissolve the company, and now Big Bank and a few other creditors are coming after her. She hasn’t found a new full time job, and she’s coming to the end of her savings. Pretty soon she won’t be able to pay her credit card […]
Creditors Don’t Forget to File Your Proofs of Claim When a Debtor Files for Bankruptcy
One of the first things you as a creditor should do when you receive notice that a customer has filed bankruptcy is to file a proof of claim. The Proof of Claim form (Official Form 10) often accompanies the notice of the commencement of the case, and can also be found at the Court’s website. […]
Handling President’s Pay in Bankruptcy
Joe is the president and sole owner of a corporation. He invested a lot of money into the company. His accountant told him that he’d get better tax treatment and pay a lot less taxes if he considered the money a loan to the company and took his “compensation” in the form of loan repayments […]
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