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First - ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilities/debts must be too. No exceptions, no picking and choosing. The court will then order each of them in priority according to the laws, some things may be exempt from use or discharge (like your personal furntiure and retirement accounts are exempt and child support cannot be discharged) - and the rest may be used. With one to pay the other. Debts secured by an asset (say a car) have first call or right to the money received from that asset. If it isn't enough to pay the debt, the remainder becomes a general or unsecured claim against the BK. Not disclosing all items is frequently easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (Courts don't take to being lied to well).
NOW - Sales tax collections in a business are NOT YOUR money. They are the money of the State that you collect and hold in TRUST for them. There is no Corporate protection to officers for this (withholding being another biggie), nor can the amount owed be discharged in BK. So, while you must list them, they will NOT be discharged and (Incorp or not), you will have to pay the full amount owed - which of course will be determined after the State audirt, which one can exp[ect to be particularly nasty. My experience with this is, that States are serious about getting hese funds, and shortly after filing BK they will start to pursue them...even stopping by your home "looking" at assets they can claim. (In fact, they did that to the CEO of one of the Cos I went through BK with, not even recognizing that the last payments we made before filing was to all the Governments for things like sales tax. withholding,, etc...all the trust funds...on a well forecasted basis).
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Claim bankruptcy of your car for dwi lost?
can file bankrupcy if i lose my car
Can a church file bankruptcy you lost most of your members and cannot pay for the building anymore you had 3 couples who signed there name to get the bank loan Will it hurt them?
A non-profit like a church can file for bankruptcy;I'm not sure about how it will affect the co-signers.
Just got married have to file bankruptcy but my wife filed in 2003 can i still file with her?
You might be able to file bankruptcy individually, but the bankruptcy trustee will scrutinize joint assets and income to determine whether they must be included in your individual filing. Therefor, there may be more reasons that the bankruptcy trustee would determine as cause to dismiss your bankruptcy claim. Note that if rejection of your bankruptcy claim is upheld by the bankruptcy court, actually your have only lost your time and expenses to file that particular bankruptcy claim. An excellent book for detailed perspective on filing chapter 7 or chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?" 3rd edition (published in 2009 by Nolo), by Stephen Elias. I found this book in the Colorado Springs public library under 346.078 E42N (Dewey decimal).
If you have lost all your financial records how do you find out who you owe money to when you file bankruptcy?
Make a list of what you can renember, then pull copies of your credit reports.
What happens when filing bankruptcy because of gambling?
Whether or not you lost money gambling has nothing to do with bankruptcy. The question is whether or not you can pay your bills. Do you make Twenty thousand a year and owe two hundred thousand? Are bill collectors at your door day and night? Then you file bankruptcy.
Disadvantages of bill of exchange?
1 it lead to credit sales 2 it may lead to business loss when a person lost the bill
Do you have to file bankruptcy?
It is beneficial to have all bills/documents relating to BK when you file. The court realizes, however, that things get lost or misplaced. The filer should make a real attempt to supply all the necessary documents for the trustee. Any debts which cannot be proven to the satisfaction of the trustee, could be excluded.
What can you do if you have lost the policy and name of the company?
Check your check register. Business card file. Check records - it may show up somewhere.
How do you file for lost title?
how do i file for duplicate pink slip
You filed bankruptcy and lost job and bankruptcy dismissed case?
You need to start off by talking to your attorney or get some professional help from financial advisors especially experts from bankruptcy,liquidation or insolvency.
House that's been forclosed on and lost your car also you are working but this has taken place about 2 yrs ago they want lump sum payment should i file for bankruptucy?
Another person who believes the CNN financial person that bankruptcy is bad. Are you crazy? Why have you waited so long to file? Get a lawyer.
Lost title in Tennessee?
call the dmv and file for lost title.
