If I file bk on the house or let it go into foreclosure how will that affect my business?

The business and your personal finances should have separate credit scores. Therefore, if you declare personal bankruptcy on your home, this...

In California chapter 7, what is proper statute to use to exempt my IRA under the 703 set of exemptions? Fed?

The pension exemptions are as follows: Federal exemption: 11 U.S.C. § 522 California exemption: 704.115 Hope this helps. If you found...

Should I file for bankruptcy or am I better off with other options and if so what ?

You can file for chapter 7 bankruptcy, but this will stay on your credit record for 10 years. If you do not have so much debt, try negotiating...

Unfortunately, since the partnership agreement is 50-50, when you split or part ways, you'll have to divide everything 50-50 even though you are...

Can the lendor of my partnership recours loan take away my s-corp assets?

If the lender gets a judgment against you personally, then they can use that judgment to seize any of your assets, such as the stock of the S...

We are filing personal Chp 7. Our LLC NOT included. We do have a joint debt. should we incl, or leave this out?

You must disclose the membership interest in the LLC as a personal asset when you declare chapter 7 bankruptcy. However, this only takes into...

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A Trustee dies of a trust which is a member of the LLC. Do we have to do anything?

The trust is a separate legal entity so as a member of an LLC it does not die when the trustee dies. Therefore, you should not have to do...

Can I change beneficiaries myself or do I need an attorney?

Legally speaking, you are authorized to make the changes yourself. However, careful review by an attorney will give you peace of mind to ensure...

Statue of limitaions in california

As long as the trust's purpose has not been fulfilled and is still in existence, you have rights under the trust as beneficiary to sue the trustee....

Am I personally liable for debt of S Corporation if I File Bankruptcy

If you file for personal bankruptcy, then you should not be liable for the debts of the S Corporation due to the "limited liability" nature of the...