To the extent of your personal guarantee for the corporate debt, or if both you and the corporation borrowed the money, you will not owe anything if the debts are discharged in your personal chapter 7. If the corporation has any assets, it will be subject to lawsuits and attachments by the creditors.
You should discuss the situation with an experienced bankruptcy attorney, as it may be better to wind up the corporation before filing a personal bankruptcy.
No. If you file bankruptcy, you are basically telling the creditors that you don't have any funds to pay them. Your finances are being held by the court and the lawyers will tell the creditors that you filed bankruptcy. You are still responsible for the debt. WRONG! If you file bankruptcy and file a chapter 7, if the judge approves your appeal all your credit card debts are erased, and creditors have to stop calling and harassing you. If you file a chapter 13, you are still responsible for a certain portion of your debt, to be paid over a 5 year period, and creditors have to stop calling and harassing you.
Bankruptcy is of an individual or a corporation can not distinguish between creditors.
go to www.beatlandscreditrepair.com they have a lot of information about bankruptcies.
If you have unpaid wages, then you need to attend the meeting of creditors as stipulated by the trustee.
A Chapter 7 case is commenced by the debtor filing a voluntary petition or at least three creditors filing an involuntary petition. A husband and wife can file a joint petition. 11 USC § 302.
That type of BK is available to corporations wanting to dissolve.
In a chapter 7, yes, you can keep your vacation if you have no equity in it. This assumes you have not run out and borrowed money against it knowing you were going to file bankruptcy. In a chapter 13, the equity is only relevant to the amount to be paid to the unsecured creditors. You don't "lose" the property.
In a chapter 7, with a no-asset notice, no claim can be filed. In a chapter 13, all creditors should file a proof of claim within the time period provided.
No. You can file any time. You actually don't even have to have any debt to file. Anyone can file anytime as long as you meet the minimum reqirements for each chapter.
You can file Chapter 13, but you would need to pay all creditors in full because you are not eligible to receive a discharge. If you want file Chapter 13 and receive a discharge, you must wait to file until 6 years have passed since your Chapter 7 case. You would to wait 7 years if you want to file another Chapter 7 case.
No - it went through an Assignment for Benefit of Creditors and does not exist anymore.
To file chapter 11 bankruptcy one must propose a plan and then must find creditors to agree with this plan. Then, the person must take the plan and creditors to bankruptcy court where the judge will decide whether the plan can work or not. As long as the judge and all the creditors agree then that person can follow through with the plan and be in chapter 11 bankruptcy.