personal bankruptcy asset protection
If I am a disregarded entity for tax purposes, can my personal income taxes be offset?
I received a letter from the SBA(small business administration) that says that my debt to them can be offset. I filed a personal chapter 7 and included it in my debt, but when I talked to them they said that it can be collected upon through the business since I did not close it. The fact is that I have other lines of credit that I am paying that was not originally in the bankruptcy that I personally guaranteed. So I cannot really just fold the LLC without the new debt being thrown on my personal credit now. The debt was already discharged two years ago from me personally.
I found this statement on the web: Disregarded entities are unique in that, although they are separate entities for legal purposes (thus affording us asset protection), they are treated as nonexistent for tax purposes.
If that is the case, can they take my refund? I am a single member LLC. But my income comes from a normal 9-5.
Probably not, since your SSN is normally not linked to your LLC. To be sure call Financial Management Services at 1-800-304-3107. Your tax refund is routed to that agency if there is a federal or state debt linked to your SSN.
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