I am filing BK chapter 7 and stopped running my company. i did not dissolve it and I plan on keeping it. My question is the debt that I have is personally guaranteed and will be discharged under chapter7. Can they come after the corp for the debt even though its discharged ? I would assume not since it is going to be discharged in my personal BK.
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Chapter 7 - Filed 11/28/2010 <> 341 Meeting - Done 12/28/2010 <><> Report of No Distribution 12/28/2010 <><><> 60 Day Club
<><><><>Discharged 3/1/2011<>>
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Your personal bk will discharge your personal guarantee, but the business will still owe the money. The only way to discharge the corporate debt is to file a bk for the business. -
What you can do is close the corporation. Make sure the 'records' show the value as being zero. Then start a new business with a format say DBA. But before you close the corpration down, get the name of the business tradenamed. Under your new business, use the tradename and nobody will realize the business went out of business.
Make sure you do the paperwork letting your local, State and Federal tax enities know you closed the corpoation and the assets were zero dollars.Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17Comment
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Sweet !Chapter 7 - Filed 11/28/2010 <> 341 Meeting - Done 12/28/2010 <><> Report of No Distribution 12/28/2010 <><><> 60 Day Club <><><><>Discharged 3/1/2011<>>Comment
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