Dear Bankruptcy Adviser,
I have filed for Chapter 7 after failing the income test but passing the means test. I was unemployed for four months and have $85,000 in unsecured debt that I have been barely paying off, and $500,000 on a secured debt associated with a house in foreclosure.
The problem is that for the last two months I have had (more…)
Dear Tax Talk,
We are an S corp that was formed in May 2008. We have two shareholders who contribute about three hours a day, five days a week on a regular basis. We had zero revenue with about $17,000 of losses in 2008. In 2009, we will probably be incurring another $23,000 loss. We will not make cash distributions to our shareholder nor will they get any sort of remuneration for their services. Do we have (more…)