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No, the owners assets WOULD still be subject to seizure from creditors for all debts that were PERSONALLY guaranteed. The only way to protect personal assets would be for the owners themselves to file personal BK.

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โˆ™ 2010-11-12 03:20:03
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Q: Can a C Corp file bankruptcy and the owners protect their assets even if they signed personal guarantees with some banks?
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Related questions

Can a c corporation file for bankruptcy and the owners protect their personal assets even if they signed personal guarantees with some banks?

Of course they can't, it's a personal guarantee.

Can you file bankruptcy without losing your home?

Yes. Many personal assets are protected in a bankruptcy.

Is property held in an irrevocable trust protected in bankruptcy?

Can you protect your assets from bankruptcy by placing them in an irrevocable trust?

Can assets be protected from a personal injury judgment by filing bankruptcy?

Yes. Consult a knowledgeable bankruptcy attorney.

Can a small business owner file for bankruptcy and still protect their assets?

Probably not

Can you sell personal property when filing bankruptcy?

When filing bankruptcy all assets are placed in a bankruptcy estate. Some assets are allowed to be protected and qualify for an exemption by the trustee. Items that are placed in exemption are permitted to be sold, but the trustee should be notified prior to the sale.

If a pastor files for bankruptcy can the church fund be affected?

If the pastor files for personal bankruptcy, no - the church fund can't be touched. If he files bankruptcy ON BEHALF of the church, then any and all funds and assets of the church can be affected.

Does a trust protect personal assets?

Yes. However, the assets must be transferred to the trust and will no longer be "personal" assets. They will be under the control of the trustee of the trust. You should discuss your situation with an attorney who specializes in trust law in your state.

What assets can be taken with a Florida deficiency judgments for foreclosed property?

Whatever they can sell to reclaim their losses. You may need to proceed with bankruptcy to protect other assets. Consult an attorney for specifics.

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How does personal bankruptcy affect your LLC?

A LLC is considered one of your assets. The LLC protects you from liabilities it assumes, but it doesn't protect the LLC from your liabilities. Therefore, if you declare bankruptcy, you could possibly lose your share of an LLC. At best, it would be difficult for you to get credit for the LLC, since the individual generally has to secure credit for the LLC.

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