Q: Need help to dissolve S Corp due to pandemic- Can someone help?
Fitness company- Officers are myself and husband. Devastated by pandemic and not able to recover. There’s unfiled back taxes and a recent $110k judgement from a defaulted business loan with me only as the personal guarantor. I hired a firm several months ago to help negotiate a settlement but the opposing counsel is not budging with offers and is levying our bank accounts. We were recently evicted but renting a smaller house now. We have a CA rent relief case still pending approval to pay 24 months back rent. We are severely struggling with both business and personal finances. Revenue is currently not enough to cover biz and personal living expenses. We want to pursue an online (different) business but need to find a way to dissolve the business and or have it file bankruptcy. Need an expert to help strategize and get relief from the company judgement and levies.
A: You should speak with an experienced bankruptcy attorney as soon as possible.
1 user found this answer helpful
A: There are many issues you mention that far exceed what can be discussed on this site. I urge you to consult with an experienced bankruptcy attorney with broad experience: including creditor representation in order to explain the impact of a potential bankruptcy on the creditors and how they might respond; full discussion of bankruptcy options;, as well as consideration of any non-bankruptcy options that might be helpful - while considering your goals.
1 user found this answer helpful
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