Can debtor/principal of LLC forgive debt owed by individual debtor?
Posted: Sat Sep 09, 2017 4:27 pm
Yes she did.
Sent from Stella Havkin's iPhone
> On Sep 9, 2017, at 4:26 PM, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa] wrote:
>
> And there were no issues with its legitimacy or anything like that? In your case had the debtor's corporation listed the debt on the corp's tax returns or other financial statements?
>
>> On 9/9/2017 4:14 PM, Stella Havkin havkinlaw@earthlink.net [cdcbaa] wrote:
>> Yes I did it with a sub s corporation.
>>
>> Sent from Stella Havkin's iPhone
>>
>> On Sep 9, 2017, at 4:05 PM, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa] wrote:
>>
>>>
>>> Trying to get a case to fit in Chapter 13 109(e) limits.
>>>
>>> Debtor owns 100% of an LLC which is not profitable and/or not operating. The LLC has loaned the debtor $240,000 over the years and has that loan on its books.
>>>
>>> Is there any legitimate way the LLC can forgive the loan thereby enabling the debtor to qualify for Ch. 13?
>>>
>>> Please ignore issues such as whether that creates possibly nonexempt value in the LLC.
>>>
>>> Thanks all.
>>>
>>>
>>>
>>> *************************
>>> Mark J. Markus
>>> Law Office of Mark J. Markus
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>>
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> --
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> Mailing Address Only:
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)332-1180 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
> This Firm is a Qualified Federal Debt Relief Agency
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
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