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 […]