topic Re: Filed 5-3-2015! in Bankruptcy

Filed 5-3-2015!

Anonymous — Fri, 08 May 2015 15:39:43 GMT

Finally pulled the trigger after contemplating for over a year. My 341 hearing is June 10. Coming out of a marriage to an adulterous husband and I helped try to run a family business that ended up filing for bankruptcy and closed. There were payroll taxes due that I'm being held personally responsible for (as well as my ex) but I was never even an officer of company, but I was payroll contact. State has suspended my license for the taxes so I'm hoping bankruptcy will release that at least until discharge. Most of my debt is credit card. In 2013 everything crashed, lost job and second income (spouse income) all at once so I basically just stopped paying everything. I signed up for credit karma. Prior to filing my FAKO was 493. Now that I have filed, TU dropped to 477 and EQ jumped to 539. I have been reading a ton and can't wait to begin rebuilding my life and score. I'm so glad to have found this forum, there is such a wealth of knowledge here!!

Re: Filed 5-3-2015!

Scupra — Fri, 08 May 2015 17:16:34 GMT

First, welcome to the forums! Congratulations on finally filing, I bet you feel like a weight has been lifted off your shoulders You found the right place for information on rebuilding your credit. If you have any questions don't be afraid to ask! Good luck getting things back in order and I hope you get your license back.

Re: Filed 5-3-2015!

Pway — Sat, 09 May 2015 16:22:56 GMT

Welcome to te forums and congratulations on filing.

Re: Filed 5-3-2015!

Anonymous — Sun, 10 May 2015 13:21:36 GMT

Wecome to the forum and congrats on taking the first time to correcting wrongs..

Re: Filed 5-3-2015!

despritfreya — Sun, 10 May 2015 14:22:20 GMT

How much in payroll taxes (6672)? I assume you understand that they will not be discharged. Are you going to try for an installment agreement or did you file a Chapter 13 to provide a way to pay them?

Des.

Re: Filed 5-3-2015!

Anonymous — Sun, 10 May 2015 17:35:03 GMT

Thanks for the replies, everyone!

Despritfreya-the payroll tax balances are for about 45k for my state and 75k for IRS. The state includes some actual trust fund taxes, and penalties and interest. The IRS portion is only civil penalties and interest, the trust fund portion has been paid through the bankruptcy of the company. The marital home is being sold to pay the state taxes and other liabilities. I do understand that none of this is dischargeable, I am however hoping that my personal bankruptcy requires my license to be reinstated and halts them coming after my checking account (I don't keep anything in there for time being) at least until discharge. And hopefully, that will allow enough time for the house to be sold to satisfy the taxes. My attorney is going to send a letter to the state on my behalf notifying them that 1. I have filed bankruptcy and 2. I shouldn't be held responsible anyway since I was never an officer of the company. I have my fingers crossed that it goes well. Thanks again all!

Re: Filed 5-3-2015!

Anonymous — Sun, 10 May 2015 22:17:55 GMT

Welome and you have found a great place to turn to for advice and help, I don't know what I would have done without this forum.

Re: Filed 5-3-2015!

despritfreya — Mon, 11 May 2015 02:17:19 GMT

flowergirl2015 wrote:My attorney is going to send a letter to the state on my behalf notifying them that 1. I have filed bankruptcy and 2. I shouldn't be held responsible anyway since I was never an officer of the company. . .

Hopefully there will be enough revenue from the sale of the home to pay the taxes. I just need to make sure you understand that not being an officer of the compnay is not necessarily relevant. If you had management ability, ability to access the bank accounts, ability to prepare (and issue payment for) the payroll taxes, you can be deemed a "responsible party". Having an ownership interest in the company or being an officer or director is not determinative of who was "responsible".

Des.