If I file for Chapter 7 Bankruptcy in tx, can I include a small business loan from an S-corp that is only under my name?

Attorney answers (2)

1. Licensed in TX

   

   John BlackPro

   Houston Bankruptcy Attorney

   Contributor Level 11

   

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   Answered April 27, 2010 10:47. Yes, if you are liable on the debt, it can and must be listed. But the corporation would not be relieved of the debt. The creditor could pursue the corporation for collection (unless the corporation filed bankruptcy).
   
   And while you didn't ask this, of course your ownership interest in the corporation must be listed as an asset in the bankruptcy. It may or may not be something that the bankruptcy trustee would try to liquidate, if you file a Chapter 7 bankruptcy.

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2. 

   Malcolm Ruthven

   San Rafael Bankruptcy Attorney

   Contributor Level 14

   Answered April 26, 2010 20:32. You must include all of your debts. If you signed that loan, then it is a debt of yours and you must include it in your bankruptcy filing.

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