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Extension Given In Bankruptcy Case

By: Chelsea Pompeani
Updated: February 4, 2013
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February 4, 2013

The IRS and the State Department of Revenue agreed to an extension for a man and a woman who reportedly owe millions in back taxes

Chief US bankruptcy judge Thomas Agresti set a deadline of today for Alfred and Joyce Covatto to provide more information on their Chapter 11 bankruptcy...

    But the IRS and State Department of Revenue agreed to give the

Covatto's a 30 day extension... After owing over $1.6 million in back taxes...

    The Covatto's filed for Chapter 11 in May of 2011... Just 3 years after their business... Telatron marketing groupfiled for Chapter 11...

    A judge now has to decide whether or not to approve the deal... Agresti has to decide if the Covatto's should stay in Chapter 11 in which they could retain their assets or move the case to Chapter 7... Which is liquidation.

   

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