Dissolving a business to alleviate debt...

[yabbadabbadoo]

What is the name of your state? Kansas

We hired and paid an attorney to put our business through bankruptcy. (Sub-s corporation) He filed for us but not the company itself. We didn't know this until a bank we had gotten a loan through came in and seized 'inventory'. (We have a convenience store.) The bank later forfeit the inventory because all we own is the food on the shelves-we lease the property and everything in it. They did take the cigarettes off the shelves and offered to let us 'buy' them back. (We didn't.)

We've been to court for our personal bankruptcy-could we possibly just dissolve the business now and be done with debtors or do we still need to file bankruptcy for the company? I'd like to never see Captain A**-Klown, er, this attorney ever again if possible and would like to demand the money paid for services he only half ass executed.

Many thanks in advance for any replies offered.

 

[olgethorpe]

Filing personal BK releives you of all responsiblity for the debts of the business...except for 941 taxes and perhaps other taxes. You can basically just let the business die...although, you probably should check with your lawyer. Ours told us that if anyone came after us for BUSINESS debts (other than secured) we should just refer them to him.