I am owner and qualifier of said corp. and have a lawsuit that against me that I am not receiving defense from my Insurance carrier. I am unable to settle this suit due to the amount. The attorneys fees are even a financial strain at this time. If I filed bankruptcy under this corp. could I legally start another corp. without losing my license? I was not a licensed contractor at the time this work that I am being sued over was performed. I was qualified by another contractor at that time. But now have my own license.
This is a complicated question. 1) if you have a corporation then the corporation filing a Chapter 7 bankruptcy does not get a discharge and 2) you likely have personal liability on the debt and a personal bankruptcy would be needed versus a business bankruptcy it depends on how they sued you. Speak with an attorney about this and don't go it alone if you are considering filing a bankruptcy. Whether you need a personal bankruptcy or a business bankruptcy depends on your situation and how you were sued.
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