if a corporation files for Bankruptcy..?

Question

iI have a business that is incorporated. If i were to file for bankruptcy under the company. How am I liable on a personal level????? assets etc...personal credit...etc...

Answer 1

Anybody, whether a company or an individual can go bankrupt. This happens when the bankrupt person or organization cannot clear their debts. There are multiple reasons why the company or the person can fall into this situation. Improper financial planning, spending on unnecessary items or loss of source of income can be some of the reasons for the bankruptcy.

If you go bankrupt, file your bankruptcy under Chapter 13. Chapter 13 permits an US resident to reorganize and restructure their finances. It allows you start afresh and get your finances back on the track. The bankruptcy court will supervise and authorize the entire process of overhauling your financial situation.

While filing for bankruptcy under Chapter 13, you have to draw up a plan of action meant to pay your dues within the next 3 to 5 years and submit to the bankruptcy court. You should clear your dues as much as possible at frequent intervals. Filing under Chapter 13 will protect you against the undue pressure exerted on you by your lenders to pay your debts.

The only drawback is that your bankruptcy will affect your credit score. It is retained for the next 10 years. So you might find it difficult to get any credit during that time.

Answer 2

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RE If a corporation files for Bankruptcy..?

iI have a business that is incorporated. If i were to file for bankruptcy under the company. How am I liable on a personal level????? assets etc...personal credit...etc...

Answer 3

if the company files ch 7 instead of 11, [gone vs reorg]
it often needs to go through the state corp commissioner
to make sure there are not perfected liens. IF clean,
or the creditors can be satisfied, all is good and well.

IF you can prove you have not violated the integrity
of the corporare veil, you will be ok.

If a creditor finds you have done things personally that
competed with the ethics of the company, they can
"pierce" the corporate veil and then, you could be held
liable. Few people have their corp's pierced.

Sorry you went under.

IF YOU have not filed, I can probably save the company; I am
an expert at fixing companies.

esp at offering creditors equity in exchange for their
notes of debt.

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