>360K business and personal combined + more circumstances
Date: Fri, 04/17/2009 - 13:32
In brief when I was unable to pay last March I has $360K in outstanding balances. These are combination of business and personal. I have made no payments since then. Everything has been charged off. I really don't want to file BK. I get settlement offers for 30% of the new amounts which are all higher of course.
I ran my own business for 15 years and had excellent credit. But also never took personal income. Thus have not filed a tax return in years. (Yes they loan you lots of money with out tax returns... well they used to).
So given short sale of $80K on home and if I file BK will I also get hit by IRS?
I may be able to get investment money from foreign people to settle the accounts in return for future work or equity in company.
I am in quite the pickle. I just found this site and would love advice.
Thanks!
I ran my own business for 15 years and had excellent credit. But also never took personal income. Thus have not filed a tax return in years. (Yes they loan you lots of money with out tax returns... well they used to).
So given short sale of $80K on home and if I file BK will I also get hit by IRS?
I may be able to get investment money from foreign people to settle the accounts in return for future work or equity in company.
I am in quite the pickle. I just found this site and would love advice.
Thanks!
you really need to consult an attorney. Consumer debt can be qu
you really need to consult an attorney. Consumer debt can be quite different to business debt.
