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If you file bankruptcy for your business will they take your personal tax refund?
Wiki User
∙ 12y ago
If your business is a separate corporation or entity, no.
Wiki User
∙ 12y ago
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Can you file a business llc and personal taxes separately?
Do I have to file personal taxes if I own a small LLC? Or just file business taxes.
Can you file your taxes right after you file bankruptcy?
Certainly. You should have disclosed what you expect from your tax refund in the Statement of Financial Affairs, and you have to turn the refund over to the trustee whether you disclosed it or not. Failing to disclose and failing to turn the funds over to the trustee could get you in serious trouble.
Where do I file NY personal income tax no refund requested?
http://www.tax.state.ny.us/pit/income_tax/return_assembly_mail.htm
Should you spend your tax refund before you file for chapter 7 bankruptcy?
If received for last year yes. the one for next year, received after filing, no.
Where to file personal income tax return with refund?
Where to file federal tax returns: http://www.irs.gov/file/index.html Where to file state returns: http://www.taxadmin.org/fta/link/forms.html
What is personal Bankruptcy?
It is when an indivdual (or married couple) file for bankruptcy rather than a business or corporation.
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
What kind of services do business bankruptcy lawyers offer?
A business bankruptcy lawyer can guide your business through the bankruptcy process, and ensure that you can maintain as much of your assets as possible while undergoing the bankruptcy process.
If you file business bankruptcy do you also file personal bankruptcy?
I suppose you could, but even if you did manage to get the financing together to open another business, any profits from it would be subject to seizure by the court and the bankruptcy trustee to pay off the bankruptcy judgement. There is no bankruptcy "judgment." If the bankruptcy is over and you have your discharge, you can open a business, and any money you make is yours. Providing the first bankuptcy is discharged.
Does a personal bankruptcy eliminate a personal guaranty on business debt?
Yes. I filed for that reason alone. I signed a lease for a business. I was told I had to sign a personal guarantee. I had to file a personal BK because of it. When I left the lease they tried to sue the business....but the business had nothing, so they came after me because I signed a personal guarantee. I filed a Bankruptcy and it was discharged.
If you file Bankruptcy on your business can they take your personal assets?
Only if then can show that you committed fraud, by piercing the corporate veil (i.e. using the business as your personal property), or if you gave a personal guarantee for business loans/debts.
Should you start a new business if im going to file chapter 7 bankruptcy?
can I start a new business if I'm going to file chapter 7 on my personal debt?
Can a business file for chapter 7 without a lawyer?
If the business is a sole proprietorship, yes, since the bankruptcy is personal. For corporations, LLPs and LLCs, no.
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
Did suze orman file personal bankruptcy?
no
If you do not owe the IRS will your refund been taken if you file bankruptcy?
It depends on the courts. I had a friend who went through bankruptcy and was owed a refund from the IRS. The trustee for the bankruptcy ordered her to turn over the refund to the courts to be paid out to creditors. So it could happen, but they cannot actually intercept or offset your refund. They will just order you to pay it to the trustee.
Do have to file taxes if you are filing bankruptcy?
Yes, you do. And any tax refund may have to be given to the trustee.
