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If you have shares in an subchapter S corporation that files bankruptcy can you be required to pay off debt with personal assets?
Wiki User
∙ 14y ago
I gather you mean YOUR personal assets, not personal (rather than real) property of the company. If a Corporation goes BK, as a stockholder, you are pretty much protected from any of the corporate liabilities. As a corporate officer, you can be liable for some certain debts, and of course any debt that was incurred fraudualently or by not complying with the law. Specifically, and ones that are always looked for and will be pursued personally against officers/responsible parties, any sales tax or payroll tax obligation that wasn't paid. These are trust funds - that is money the Co/officers - were holding in trust for the Government - and as such, mishandling them is criminal and will not be given protection by BK. If it can be shown that the Corporation was simply your alter ego...and didn't really have any substance.....it may be ignored for other things.
Wiki User
∙ 14y ago
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Does a shareholder in an S Corpration with 75 percent of the shares who is also the president of the S Corporation need consent of the other 25 percent to declare bankruptcy in the state of IL?
A shareholder can declare personal bankruptcy whenever he wants. If the S-corp is declaring bankruptcy, only a simple majority is required (51%) before action can be taken. Do you need consent of the other shareholders? That depends of what your articles of incorporation say.
When filing bankruptcy which chapter eliminates all debt?
It depends. Most any of the types can, or may not. Some considerations are if your speaking of a business (Corporation) or personal bankruptcy, if the debts are secured or not, and how much of what type of assets there are and if any of them are to be maintained after the bankruptcy as determined by the Court and creditors. There is no personal bankruptcy where secured debts or other obligations such as child support arrearages. A chapter 7 is a total liquidation bankruptcy in which the debtor can discharge all debts that are not secured including judgments, liens that have not been "perfected", stop wage garnishment, etc. The petitioner will however be required to relinquish all non exempted property.
Can you work after you declare bankruptcy?
Yes, you are not required to be unemployed to declare bankruptcy.
Can a dealer sell you a car if you are in bankruptcy?
If you are in the process of a bankruptcy, it is not likely that you would be able to secure a loan. If you are paying cash, and the court learns of the sizable asset, your bankruptcy may be vacated, or you may be required to surrender the vehicle. If the bankruptcy is resolved, there is nothing other than the dealer's and lender's personal judgments that would stop them from selling the car to you.
Am I required to retain a bankruptcy attorney if I want to file for bankruptcy?
Yes you will need an attorney to file for bankruptcy and deal with the court. As an individual you will not be able to schedule hearings, etc as necessary to do the bankruptcy.
How long does a bankruptcy 13 stay reported?
Any type of bankruptcy will remain on a credit report for the required ten years.
Can a court order a company or person to file bankruptcy in the state of Georgia?
Bankruptcy is normally voluntary, however if your creditors feel it is required for them to get paid and you refuse, they can force it - an involuntary bankruptcy.
When a person files bankruptcy in October and then wins money in a lottery are they required to report the winnings to the bankruptcy court?
You would only need to report the winning ticket if the bankruptcy was not discharged.
How do you get bankruptcy off your credit report?
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
Can a creditor file an adversarial claim in bankruptcy court in a personal 7 bankruptcy for something that they contend occurred during a business bankruptcy 2 years previous. No claim was filed then.?
No, a creditor is required to file a claim if seeking payment, otherwise that claim is considered waived. So in this case. if there was no claim, then it was waived and the debt discharged. But even if it was filed, it would have been discharged in the business BK.
If i file for bankruptcy what debts am i liable for in the company name?
If you file BK and the business is just that - a sole proprietorship...you doing business as "a business name"...they are all your personal debts. If it is incorporated, a Corporation, or several other forms of legal entity - you may not have any obligation for any of the debts in that entities name, unless of course, you were required to sign for them personally too...which in small or newer businesses of any type is common.
What kind of information is required to apply for a student credit card online?
You will typically need to provide personal information such as your name, address, social security number, and income. You may also need to supply information about your school and program of study. Additionally, a credit check may be required.
