Can they take S-Corp property? I'm considering filing for Ch7 personal due to loss of 90% of my income and I cannot keep up on the house payments. Will the court try to take property in an S-Corp that I hold the shares to?
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bademur,
I lost 95% of my business in which I held 100% of the shares. I filed personal Chapter 7 and during my 341 meeting the BK trustee asked about my business and my attorney said that we were in the process of closing down the business. As far as I know, the bankruptcy and the closing of the business usually go hand in hand. The S Corp has to be listed as an asset in your bankruptcy filing and in my case had no value because it was a phone based business with some old computers and related equipment of very little value, had no income at the time of the bankruptcy filing and I was not going to continue to run it. -
I too could no longer afford my house payments after losing 95% of my income and had to take a $100K loss on it to get out from under the payments. Good luck to you bademur.Comment
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Yes, (but it depends). What are we talking about here. What sort of property does the S-Corp. have, real estate, or something else. Does anybody have a security interest in the S-Corp property?Originally posted by bademur View PostComment
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