First you'll need to figure out how you want to run the business, what sort of activities and industries are involved in the business endeavor, and whether the investment is in cash, labor, or assets. Business licensing and tax issues may influence the contours of the enterprise.
Under the 2005 amendments to the bankruptcy code, a person can't obtain a bankruptcy discharge within eight years of their last bankruptcy discharge. A Ch. 13 can be filed, or a Ch 7 case can be converted to a Ch. 13, if the plan payments will conclude outside the eight year window between the...Read more »
It depends on what you are doing under the contract. manufacturing, GC, specialty trade or if the contract is under an unrestricted set-aside. Here is a link to the referenced clause:http://farsite.hill.af.mil/reghtml/regs/far2afmcfars/fardfars/far/52_215.htm#P1432_255794
It can be exceedingly stressful to manage these things yourself but the IRS has some helpful videos and pamphlets about the process that you may want to review before selecting a professional or trying to work this out on your own. Here is a link to the IRS videos that may be on point:...Read more »
The bankruptcy code is fairly complex and generally most people recommend against filing without a lawyer. Wisconsin has some alternatives that are available in state courts to deal with unsecured creditors through Wis. Stat. Ch. 128. The uscourts has some informative videos about the bankruptcy...Read more »
Normally an action for partition can only be filed by an owner of an interest in real property. You should consult with an attorney licensed in your jurisdiction to determine whether the lease creates an interest in land for the operator. In order to answer your question your attorney will likely...Read more »
Exhausted all funds trying to keep up with debt. Could no longer pay. I am disabled and only get small monthly SSDI income. I'm trying for gov't home mod. for my mtgs. Now creditors filing law suits. I have no funds to pay for a bankruptcy lawyer. Need to know if there is anything I can do.
Have been accepted into IRS amnesty program but penalty is 20% of total assets while my tax liability is very small. Am considering opting out and pleading ignorance of statute, thus negligence. Is this wise?
The Hiring Incentives to Restore Employment Act ("HIRE Act") requires additional reporting for U.S. persons and U.S. entities that have an interest in a specified foreign financial asset if the aggregate value of all such assets exceeds $50,000. If you own directly (or indirectly have effective...Read more »
Generally a judgment creditor can issue a garnishment notice to a bank in the county where the lien is filed. If you only have exempt property in the account you can block the garnishment of exempt property but you need to be proactive. If a creditor knowingly garnishes property it knows is...Read more »
I had a real estate business which was dissolved by the state. I had a business loan of $ 100,000 I filled for bankruptcy as a person and my debt was discharged. I still receive letters from the bank and from attorneys. Should I fill for bankruptcy or should I just apply for a voluntary dissolution... Read more »
You probably want to talk to the attorney that help with the bk petition. Likely there is a security agreement in place. If these are unsecured prepetition contingent claims they were discharged by the bk provided that the creditors had notice of the discharge and their claims were scheduled.
For federal income tax purposes - generally compensation for physical injury (noneconomic damages)to a person is not taxable. However, economic damage awards and punitive awards are subject to federal tax. www.wisconsinbankruptcy.mobi
This simply means the date on which a minor can legally be bound under a contract (other than a contract of necessity - like medical services). Generally that is age 18. Please let me know if I can be of further assistance. www.ruskcountylaw.com
For the Illinois statutory procedure see 625 ILCS 5/3?205 subsection c at http://tinyurl.com/3ae5mjk . Generally, a 'perfected' security interest in an IL vehicle title should be released within three weeks after the lienholder receives payment.
Check with an attorney admitted in your state. The National Association of Consumer Bankruptcy Attorneys (NACBA) has a useful lawyer finder. The bankruptcy code applies hierarchies against debtor assets.
Here it sounds like you 'may' have a claim. It's unclear if it is based on contract,...Read more »
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