When fililing for business bankrupcy does is there any disadvantages weather your a sole proprieter or filed as an S corp?
Attorney answers (2)
Craig Dennison Robins
Reputation Level 13
Answered about 3 years ago.
Bankruptcy Attorney in Woodbury, NY.
There is so much information involved in giving advice to potential business bankrupty debtors, that it is not possible to answer your question. Business bankruptcy can either be Chapter 7 or Chapter 13. There are also issues as to what your objectives are. For example, whether you want to dissolve the business or re-organize. There are also issues as to whether there may be personal guarantees on business debt.
I urge you to consult with a qualified bankruptcy attorney in your home state.
For more information about business bankruptcy and Chapter 11, please click on the link below:
Knute Arthur Rife
Reputation Level 11
Answered over 2 years ago.
Bankruptcy Attorney in Salt Lake City, UT.
Another item to consider is that a Chapter 7 for a corporation does not discharge the debts. It just liquidates the assets and terminates the corporation. As an individual, the debts are discharged, and you of course aren't terminated.
|
