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Your small business is an S-Corp and in your name only your spouse is not included officially you wonder if you can file Chapter 11 and not include any of your personal debt with the organization?
Wiki User
∙ 12y ago
The S Corp and you are independent entities, so your personal holdings are not included in the S corp filing.
However, apparently one of your personal holdings is the stock of the S corp....which may or may not be jointly owned by you and your spouse as marital property (certainly is if your in a community property state). So if you filed a personal bankruptcy, that asset would be involved.
As your saying a Chap 11, a business re-org...I gather it is for the Corp...which again is separate from you and your wife...but...in most Bus BK I've seen, (and unfortunately it's been too many)....the shareholders (which you are), lose all their ownership interest in the Corporation and it goes to the creditors who are asked to give up something.
Wiki User
∙ 12y ago
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