Jump to content

Ok guys, may decide to change a 13 to 7..need UR help..PLZ!!

Recommended Posts

Damn it anyhow.

I had the best interest at heart when I filed the 13.

I have serious doubt (my company) can survive. I am having serious small business troubles. (the small business is why I filed 13 over 7).

OPTION: Close the doors..hell, I may never re-open them.

I have sold some unused assets (equipment) in the past year, just

to make payroll. I have an S-corp 12 years old. Makes me cry sometimes.

So what do I do next?

I have sold almost all the equipment long ago...

I have paid proly 4k into the system (trustee) and I am still waiting for an approval of my 13 plan. Idiot attorney maybe..proly the change of trustee is to blame...who cares..

Do I lose the 4k? if I convert to a 7?? The ex-wife got the house.

Can I artfully rename my company? ..to retain my clients? 8-)

Oct 15 is drawing near..I need to jump of be squashed..

Help Please!..PLEASE!!


Link to comment
Share on other sites

I can't answer all your questions, but I can help a bit with the last one...

You can indeed close one company and open another, but there are some guidelines you need to follow. You really need to talk over the details with an attorney (maybe another one than the one you have now), but here's what we did...

We had a C-Corp (your S-Corp may be different) that we had to cease operations...we filed personal BK 7 to protect ourselves from the personally guranteed business debt and effectively just let the C-Corp die. It still exists, but with no assets and no activity. A week after we filed the papers, we incorporated a new company (another C Corp) and began doing business under the new name. Since we had a bank loan on the old company secured by receivables, the bank took all those, but we did sell old company equipment to the new company and were able to get some of the old company tax liabilities handled.

Your only problem is will your customers go along with the switch. In our case, we had made provisions for all our employees to move to the new company but they decided to go out on their own...and took all our customers with them...effectively putting us out of business.

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.