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lorenapadill…, Home Owner in San Diego, CA

I have Federal and State Tax Liens on my business, Should I just let go of my business?

Asked by lorenapadilla70, San Diego, CA Fri May 24, 2013

My mortgage had been paid off, BUT, I also have a commercial building wherein I took money from my home to use in my business. I have Federal and State Tax liens on my business of over $160k, they are mainly payroll taxes for years, 2007, 2008, 2009 and forward. I have been recommended to file a chapter 13 bankruptcy petition and to include all arrears owed in both my mortgages. There is a Trustee's sale set for Tuesday May 28, 2013 for my home and I really don't know what to do. Should I file the chapter 13 bankruptcy and pay my arrears on both home and business? What happens to the Tax Liens on my business? Should I sell my business or just let go of my business and fight for my home? Please advise as I am running out of time and don't know what direction to go.

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If you can find a law firm that has a real estate attorney AND a bankruptcy attorney, you might request an urgent meeting and ask them about your complete list of options. it may help to have the specialists discuss your options with you at the same time. Good luck.
1 vote Thank Flag Link Fri May 24, 2013
I agree - this is not a set of questions for a Realtor. You need Legal Advice.

Good Luck.
1 vote Thank Flag Link Fri May 24, 2013
Hi Loren A Padilla,
I would not ask a Realtor these questions. It sounds like you need a good CPA, and at least one attorney to advise you how to get through your bankruptcy. If if your tax lien issues and BK get resolved, the real estate part comes afterward.

Best of luck to you!
Mary Lawler, Realtor
Realty Executives Advantage
Web Reference:
1 vote Thank Flag Link Fri May 24, 2013
Call a Tax Attorney immediately. Mine is Jeff Kahn and you can reach him at 966.494.6829

As fas as BK is concerned, it's ok to do the 13, but be careful that's what you really need. A Chapter 7 is much quicker and easier and should remedy the taxes the same as the 13. It won't help you with arrears on the mortgages, but will help with everything else. Some attorneys push 13 because they make more money with it. If you don't have a BK attorney yet, call William McDonald at 858.437.0103 and tell him you know Mr Credit.

- Mr. Credit
Web Reference:
0 votes Thank Flag Link Mon May 27, 2013
Hello Lorena,

I specialize in helping people figure out what to do with liens on their properties, extending trustee sales, and trying to decide whether or not to avoid foreclosure. I also have a tax consultant and a bankruptcy attorney to help give you the consulting you need to make an educated decision regarding those areas. Feel free to call or e-mail me anytime and I can help you out.

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
0 votes Thank Flag Link Fri May 24, 2013
Consult with your attorney. We are not attorneys nor are we allowed to give legal or tax advice
0 votes Thank Flag Link Fri May 24, 2013
Thank you all, I just don't know which way to go...
0 votes Thank Flag Link Fri May 24, 2013
First questions I would have for you is if you know about how much your home is worth, and how much you owe total in liens against your property and how many liens you have. I help people pay off their debt within the short sale process. If you let it go to foreclosure, you lose your home and you also lose any leverage you have with collecting money to pay off debt. I have two short sale listings right now where the buyer will be contributing up to $12,000 per property to go toward Jr. Liens. This could be a great strategy for your situation. Contact me for more details.
Flag Tue May 28, 2013
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