Chapter 13 - Have Corporation

[JimBK2009]

If I have a Corporation, will I be allowed to filed a personal Chapter 13 and continue to run the corporation?

I know you can run a business, but Ive always wondered about corporations...

[rcoveles]

From what I've read, I'm going to say no, but other smarter people can probably elaborate. I think you need to do an 11?

[JimBK2009]

Chapter 11 is primarily used for corporation restructuring... this is a personal filing

[forgotten]

If I have a Corporation, will I be allowed to filed a personal Chapter 13 and continue to run the corporation?

I know you can run a business, but Ive always wondered about corporations...

The corporation is an asset of yours, does it have any value other than you? Since you own the corporation the value of anything the corporation owns needs to be considered as well.

Is this coporation currently profitable? Is it your sole source of income?

You can keep running your corporation durring the 13 as long as its not so much of an asset that is can be sold to pay your creditors (unless you can pay 100% of what you owe or at least the its value in to the plan), you can draw a regular salary from the corporation, and you do not anticipate needing any loans to keep the business going (unless the corporation is large enough it can obtain credit without your personal guarantee - not typical).

[krielly]

You don't specify what type of Corporation.

My husband had a business when we filed 13 in 2005. He was the sole proprietor, and the business was an LLC.

As such, all debt was considered personal, as he was ultimately personally liable for it.

He did continue to run his business for a couple of months, until it all went to hell, but that's a whole other story.

[frogger]

He was the sole proprietor, and the business was an LLC.

That's sort of a contradiction of terms....

[krielly]

Oh my...........the grammar police got me!

He is the "single owner" of an LLC.

Better? LOL!