I am confused (still)

[dwindle]

I have asked this question before, but I am confused by the answers I have been getting. Let me try a different scenario. Personal BK, own and S Corp and in Florida...

Scenario

If I have a secured item (RV), in which the loan has my name (only), on the loan documents and a portion of the secured item ends up being used for business purposes...

Question

If I declare personal BK (7) and I discharge the secured item (RV), can the lender come back and sue my S Corp regarding the same secured item because the secured item was listed on the S Corp tax docs as an expense.?


Sorry, but just trying to get a clear answer

[destitute]

I would suggest confirming with an attorney but I would guess the answer is no. I have an LLC and had a personal loan on a secured asset that I sometimes used for business and took a partial tax deduction for. I'm surrendering that asset and because the title and loan docs are personal I'm not at all worried about the bank coming back at my business. Also, unless the look at your tax returns how would they even know you use the RV for business?

[dwindle]

Thanks for your response.

It was my understanding that the trustee will look at my tax returns (both personal and corporate), and if he looks at the depreciated items page on my 1120S (SCorp return), then he will see the RV percentage of depreciation. That will indicate that I have a business interest in the RV.

Thanks

[destitute]

The trustee will look at your returns (The UST crawled all over my stuff) but your company has no liability to the bank because it was a personal loan. I really think you'll be fine on this. The trustee is just looking for assets to sell so that they can get money for creditors. Your debt will be discharged and the RV will go back to the bank so you'll be covered.