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a corporation filed bankruptcy then reopened under a different corporate name is it still liable for the previous debts?

2006-07-11 04:27:36 · 1 answers · asked by floremilio 1 in Business & Finance Corporations

1 answers

The concept of bankruptcy is to wipe the debts off the table and start fresh, with the stigma of a bum credit report for the next ten years being the big deterrent. So if they went through the process and the bankruptcy court absolved them of the debts, then they probably aren't liable. With the new laws, they may be held on some of it, but you would probably have to see the court papers to know for sure. I can't imagine that they would open with a new name after they tanked the first time - what are they going to do differently to avoid the same fate?

2006-07-11 04:42:16 · answer #1 · answered by Jeannie 7 · 2 0

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