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Personal Chapter 13 and Purchasing Shares in New Company

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    Personal Chapter 13 and Purchasing Shares in New Company

    Ok I know this is a bit complicated but here it goes.

    I am 2 plus years into a chapter 13 and making payments without issue. I make a good salary and I have an opportunity to purchase 51% of the shares of the company I work for. I have been running this company for over 5 years and it is running at a profit every year. All good stuff however I have to issues.

    I get a pretty good tax return and bank it all in my emergency fund/savings account. Once I sign the paper work i will essentially own 51% (I will be paying for the shares out of the company profits). I will no longer be getting a tax return. I plan on paying myself a combination of w-2 payroll check and an owner draw.

    I need to know what ramifications are if I go down this road.

    Thanks in advance!


    Ramifications as in relates to what?

    I assume you are asking about your chapter 13?

    Get with a CPA regarding the best way to pay yourself. Owner draws are wrought with problems for the unwary.


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