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I have 35K in credit card bills and an appraisal business that is incorporated in delaware that i have not paid taxes on

Wantagh, NY |

How do i find out how much taxes I owe on the business and filing ch 7. Does my credit cards and anything i owe on the business get lumped together?

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Attorney answers 1


The tax debt will be non-dischargeable in your bankruptcy. You need to contact the IRS and file your to determine your tax liability. If you file an individual bankruptcy, the debts you have personally guaranteed for the business will be discharged as to you, butr if the corporation has assets etc. then the creditors can still look to collect from it.

Mr. Larkin is licensed to practice law in CA and is located in San Diego. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case.

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