Corporate Bankruptcy Lawyer
Q.A friend of mine owns a retail service business that he runs out of a commercial building that he owns. He has a mortgage on the property and he owes a lot in back taxes to the IRS. He has some equity in the property but apparently not enough to be able to borrow enough to pay off the entire IRS tax bill. And he says the bank won't let him borrow enough to make a partial payment to the IRS to buy himself more time. He is concerned that the IRS is about to seize his property and sell it to get the back taxes, which will mean he will lose his business and his only source of income. Could he declare bankruptcy to get protection from the IRS seizing his property, and then pay the back taxes to the IRS over time through the bankruptcy?
A.What your friend is describing is tailor made for a Chapter 11 bankruptcy. He should speak with a NJ corporate bankruptcy attorney immediately. I know he needs to see a bankruptcy lawyer and I will tell him that. But English is not his primary language, and he is very distraught about all of this, so I would like to be able to give him some idea of whether filing bankruptcy is even an option that might help him in his situation. I don't want to get his hopes up and tell him to see a bankruptcy lawyer if that has no chance of helping him with the IRS back taxes. He is in New Jersey in case that makes a difference.
Other Questions :
Durable Power Of Attorney
I have only heard in seminars what the durable power of attorney is all about and I am not an attorney. A durable power of attorney actually only sidesteps the actual conservatorship process but does not have any legal effect at all after an i...
Best Immigration Lawyers
I am now a PR of canada but still living and working in CA, USA... I am having tough time in making decision about leaving USA and settling in Canada. In USA, I am still on H1B but Green card has reached I-485 stage... If there are someone ...
Dallas Divorce Lawyer
http://www.dallas-divorce-lawyer.com/Dallas_child_custody.htm Gender Neutral Determinations: The Court must consider the qualifications of the parents without regard to the gender of the party or the child in determining which party to ...
Drunk Driving Lawyers
When I catch a drunk driver, time and time again the offender tells me that their Lawyer advised them not to do any Field Sobriety Test, Do not give a sample of their breath or blood, and invoke your rights and remain silent. Now I know that the ...
Denver Criminal Defense Lawyer
DENVER (AP) -- When NBA star Kobe Bryant goes on trial later this jurors will be allowed to submit questions for witnesses in the sexual assault case under what is believed to be the first rule of its kind. The possibility of juror quest...