$50,000 in Back Taxes | $124,000 in Defaulted SBA Loan | Should He File Bankruptcy?

[@ericaabrams6175]

Hi, I am sorry for you @Jackknife-TV . I am just watching this and wanted to say that my understanding is that if the LLC has no assets you don’t need to file for bankruptcy. Just close it and tell the lenders that there are no assets. I do not know how or what you want to do with your truck (from predatory lender) but it sounds like there is little value there. Once you close the business you should/could stop paying off all those debts if you even have payed. Good luck!

[@Jackknife-TV]

Hey thank you for reaching out ! So I need to at least file my taxes even if I can't pay . 21,22,23 . As for the SBA loan it was as unsecured personal loan with no collateral. At this point I assume I need to reach out to a bankruptcy attorney And basically file a personal bankruptcy .

[@LoganAllec]

Yes. You will need to get caught up on your taxes before filing bankruptcy. The taxes due from those outstanding years will unfortunately survive the bankruptcy. At that point you can explore your administrative tax resolution options with the IRS.

[@midnite1235]

@@LoganAllec H Logan, Of course you are right about speaking to a BK attorney right away! Sometimes it is not a financial advantage to file bankruptcy too soon. I have seen a lot of people in the biz world, rush into bankruptcy, and still be left with debts. Sounds like a possible candidate for a CNC, once his back returns are filed. If he could get into the CNC program, he should be able to ride it out for the couple years. Sounds like he might be under the national standards??? As far as the SBA loan, maybe they will sue at some point, and you could try to work out a hardship program with them, but even if they got a judgment against you, it's not like they are going to get paid anyway. The key to remember is that you can push the BK button at any time! This is just one aspect of scenario planning the big picture. There are always more options than you think. Thank you, for your great channel! I am constantly learning!!!!

[@HavingCoffieWithMrSatan]

Mr Satan said the reeee❤❤

[@LoganAllec]

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