msfs
Jun 13, 2009, 02:43 PM
I have a small business in Texas, sole proprietorship, that I have just received a notice that my business checking account has been frozen via Notice of Receiver and Order of Freezing of Bank Account. I had originally agreed to a payment plan earlier this year. The total mount owed was approximately $ 21,500. I paid in $ 4,500, leaving a balance of approximately 17K.
However, when the economy collapsed I was unable to maintain the agreed to payment plan. I am interested in continuing the payments but not at the original amount due to drop in business. The court now says that I owe $ 38,000 which is more than double that I owe.
My biggest problem is that in order to stay in business I need to pay my employees and pay my suppliers. How I am going to be able to do this if they "freeze" my bank account? At the time, they froze it, there was a little over 10k in the account. Is it safe to open another account perhaps as a LLC or corporation? I really don't like the idea of filing for bankruptcy but am entertaining the thought. I currently have several checks to deposit but am unwilling to do so. Time is of the essence because payroll is coming up in a few days.
Thank you for any advice!
However, when the economy collapsed I was unable to maintain the agreed to payment plan. I am interested in continuing the payments but not at the original amount due to drop in business. The court now says that I owe $ 38,000 which is more than double that I owe.
My biggest problem is that in order to stay in business I need to pay my employees and pay my suppliers. How I am going to be able to do this if they "freeze" my bank account? At the time, they froze it, there was a little over 10k in the account. Is it safe to open another account perhaps as a LLC or corporation? I really don't like the idea of filing for bankruptcy but am entertaining the thought. I currently have several checks to deposit but am unwilling to do so. Time is of the essence because payroll is coming up in a few days.
Thank you for any advice!