Can you file a bankruptcy on debts accured on a corporation after the corporation has gone out of business because debtors are filing law suits on persons which were president of the corporation?

Answer 1

Yes, you can file. I did this personally in 01/2006. Check the laws in your state! Note this first! I am not an attorney! Or anything close to an attorney. Do not take my advice as being the law or being cast in stone!!! I'll say this again: Check the current laws and check your own state's laws!!! They may be different. I live in Wisconsin. However, you will have to file personally, not corporately. As you probably already know, they will still chase you personally even if you file corporately. And yes, they can. Also, if there were any other officers, they should probably also file. The reason you don't file corporately is because your company should just declares insolvency and certainly whatever they try to do to the company is then meaningless. Make sure that you go back in your records to find every single creditor. Don't leave any stone unturned. Once you file, it will be approx. eight (8) years before you can file again and any creditor you may have missed in your filing can, and will come back to collect from you. And, don't feel sorry for any creditors. Hey, you were unfortunate in your business dealings, I believe that whomever you were dealing with in terms of subs or vendors should also know that the buck could stop anywhere at anytime. In my case my vendors had sales in the millions of dollars prior to me getting screwed and having to file. Help in the form of bankruptcy is available, so use it completely. Find an attorney that specializes in bankruptcy filings. He/she hopefully won't make a mess for you. I have heard other Horror stories from people that tried to file on their own, or, had an attorney that doesn't completely understand the bankruptcy laws of your particular state, or for that matter, federal regs.. I did personally go through one attorney who drained me almost dry, sucked not only my corporate account dry but also my personal account. The fees are set for filing. Don't get caught up in a prefiling, administrative fee trap like I did. Just a side note. On Sunday, March 15th, I was served papers as president of a corporation that was similar in name to my business. It appears the attorney doing the plaintiff's work looked me up on the internet not noting that I was a Corp. and no longer an LLC. Nine (9) years after I went from being an LLC to a corp. someone else used my past company name. The server exclaimed "Oh well" at least my job is finished. (I guess she had driven for four (4) hours to find my home, and had waited for several hours for me to get home.) She then and there washed her hands of the situation even though I explained to her that there had been a mistake made. Good luck in whatever you decide to do. If you have any further questions, comments, or concerns, by all means use this site to respond. I will bookmark this page for a short time in case you do.