Self Employed Drop in Sales

[car67]

I am getting ready to make another payment today but I I am really worried after this months payment being able to maintain the $1600 threshold.... which is my payment Sales are down the last 90 days by a good 75% versus what my sales were in 2007 due to this recession and can document and I am beginning to think I have cut all the fat I can as I even let my employee go and I am finding myself with a lot of down time due to people not spending.

Advice? Any people have ideas? I have a tax debt of 21k which I know has to be paid and my mortgage is outside my plan of $3300 thankfully I can make my mortgage and groceries but not so sure going into months ahead?

Joe

[chloe0724]

Joe,

Have you contacted your attorney to let them know what your current situation is? you may be able to get an extension for your payments.

[car67]

Yes indeed just left message and my legal attorney office is very responsive but its not like I cant pay my payment today but its a reach and I know its not easy but I am doing all I can to fund the 13 at old numbers versus todays new economy. Just researching to be proactive before the noose tightens. You know what I mean? Joe

[13bound]

I am getting ready to make another payment today but I I am really worried after this months payment being able to maintain the $1600 threshold.... which is my payment Sales are down the last 90 days by a good 75% versus what my sales were in 2007 due to this recession and can document and I am beginning to think I have cut all the fat I can as I even let my employee go and I am finding myself with a lot of down time due to people not spending.

Advice? Any people have ideas? I have a tax debt of 21k which I know has to be paid and my mortgage is outside my plan of $3300 thankfully I can make my mortgage and groceries but not so sure going into months ahead?

Joe

i'm self employed as well. if i have problems my lawyer will just modify my plan. the only drawback for me is i have a set amount that has to be paid due to equity so at some point i have to come up with a lump sum to pay my plan. my payment is in the same ball park as yours and my work is seasonal. can't you modify and include the tax debt in your plan? currently i'm good on taxes and pay my house outside the plan. it's a struggle to say the least.

[car67]

Yes right now the taxes are in the plan and I know there is no escaping them and two options come to mind... Modify the plan and get alower payment so at bare bones I still cover my taxes due over the 5 years or maybe switch to a chapt 7 and attempt to and work out a payment plan direct with tax agency but then you got the interest and penalties which come back at ya outside the plan from what I gather we avoid these if not fully funded by the 60th month as long as principle is paid on the tax debt?