My Father & I Have A Shares Business Together. He’s A Felon So He Can’t Start A Business On His Own. So I Took Majority Ownership And Shared I beileve It 49% With Him. I have No Other Ties To this buisness I Have No access To Nothing. My Dad Has Filed For Bankruptcy Due To Owing Several People Thousands Of Dollars. He Now Informed Me That I Would Have To File For Bankruptcy As Well Which doesnt Make Sense Because He Already Did . What Should I Do In This Situation ?
You should hire a bankruptcy attorney to analyze the situation. Owning the majority share of a business is a big deal potentially (I'm guessing you are also in charge of the business on paper), and being a strawperson for your father could have consequences.
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