I had a S corp business I had to close,am being sued for business debts,I cant afford an attorney,what do i do?

Asked almost 2 years ago - Lake City, FL

Approx.Debt in entirety is 450,000 incl morgages..Property for sale now.Need to file bankruptcy but do not have the funds.

Attorney answers (4)

  1. Dorothy G Bunce

    Pro

    Contributor Level 20

    6

    Lawyers agree

    Answered . Sounds like you can't afford not to have any attorney. Talk to family and friends about giving you an early holiday gift to resolve this problem, because the longer you wait, the more you will suffer and the more it will cost to resolve these problems. Hope this perspective helps!

  2. Adam Troy Rauman

    Contributor Level 14

    4

    Lawyers agree

    Answered . Sorry for your situation.

    The bottom line is you can't afford NOT to have an attorney. You need a firm that handles personal and business bankruptcy. You may also need someone to handle a short sale or foreclosure. Not having an attorney now just means you will need one later to try to clean up the mess after the fact which may end up costing you more.

    Answer does not constitute legal advice. (727) 471-0039 or arauman@protectyourfuture.com, This answer is... more
  3. Michael J Corbin

    Contributor Level 20

    5

    Lawyers agree

    Answered . The real issues here revolve around how, exactly, all this debt was incurred - you say that there is a mortgage involved. Did the S-Corp, itself, assume that liability, or did you have to personally guarantee it (I'm guessing that's the case - few S-Corp's have debt solely in their name). You'll need to consult with a bankruptcy attorney - this is too complex to try to resolve on your own.

    We can be reached at 507.334.0155 (Toll Free: 888.777.5009). Our web address is: www. corbin-law-office.com.... more
  4. Thomas Michael Fafinski

    Pro

    Contributor Level 9

    2

    Lawyers agree

    Answered . Make sure you submit an Answer to the law suit and appear before the Court for scheduled hearings. Just because you do not know how the system works, you will not be forgiven by the Court.

Related Topics

Small business s-corporation

An S corporation does not pay federal income taxes, instead passing its income, losses, deductions, and credits through to its shareholders.

Business debt

Business debt has different implications depending on how the business is structured. In some cases, you may be personally liable.

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