QUESTION
What happens to my personal stock if I file for subchapter S business bankruptcy?
Asked on Oct 03rd, 2011 on Bankruptcy - Georgia
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What happens to my personal stock if I file for subchapter S business bankruptcy?
3 ANSWERS
Daniel James Wilson
Need more details. Is the business filing a Ch 11 business BK? Or are you filing a personal Ch 13 or 7? If the latter, the corporation is an asset. It is non-exempt. You might have to dissolve the business. Use a BK attorney who has experience in this area.
Answered on Oct 28th, 2011 at 1:21 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If a subchapter S business files bankruptcy, the personal stock is disclosed in the statement of financial affairs. Generally, the stock has no value after bankruptcy.
Answered on Oct 05th, 2011 at 5:57 PM
Glen Edward Ashman
Often corporations shouldn't file, so see a lawyer and determine if that's even a proper strategy.
Answered on Oct 05th, 2011 at 1:49 PM