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#1
09-19-2003, 03:28 PM
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corporate bankruptcyWhat is the name of your state? Arkansas My wife and I own a small "S" corp. We have 1 employee. We are looking into filling bankruptcy. What chapter 7, 11, 13 would be best? We wish to pay all our creditors completely. How will filling a corporate bk effect us personally? Chapter 11 seems so complicated, can we use chapter 13? Our personall debt is almost entirely related to the business. Any suggestions and help would be greately appreciated. |
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#2
09-19-2003, 03:56 PM
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| What 'entity' is filing??? A chapter 7 bankruptcy is a liquidation and is used by personal and corporate bankruptcies. A chapter 11 bankruptcy is a reorganization procedure used by businesses, including sole proprietors, partnerships, and corporations. A chapter 13 bankruptcy is also a reorganization, but for individuals with regular income, who have unsecured debts under $269,250 and secured debts under $807,750. If you are considering filing both corporate and individual bankruptcies, they must be done separately.
__________________ There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution). Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport! |
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#3
09-19-2003, 05:23 PM
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corporate bankruptcyThank you for your reply. We are looking to file corporate bk.. We just don't know which we can use or which is best for us. Additionally how will the corporate filing effect our personal finances? will it show up on personal credit reports? |
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#4
09-19-2003, 05:35 PM
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Re: corporate bankruptcy[quote]Originally posted by cpw [b]What is the name of your state? Arkansas My wife and I own a small "S" corp. We have 1 employee. We are looking into filling bankruptcy. What chapter 7, 11, 13 would be best? We wish to pay all our creditors completely. How will filling a corporate bk effect us personally? Chapter 11 seems so complicated, can we use chapter 13? Our personall debt is almost entirely related to the business. Any suggestions and help would be greately appreciated. **A: BK 11. |
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