QUESTION
What liabilities will I have in bankruptcy?
Asked on Oct 25th, 2010 on Bankruptcy - California
More details to this question:
I am a 20% shareholder in my company, but I have just resigned from my position to go work elsewhere. I still own my 20% of shares but want to sell them. The company will buy about 7% and I would like to sell the other 13% of them and file a chapter 7 bankruptcy. The total amount of cash I would receive would be $11,700 of which I would use to pay back money I borrowed from people and get my mortgage caught up. What liabilities will I have and what liabilities will the company have and how long do I need to wait before filing?
1 ANSWER
This is complex enough and there are enough permutations that you should spend the money to hire a bankruptcy attorney who can write you either a very lengthy opinion letter or spend an hour or so going over the various options.
Answered on Oct 25th, 2010 at 7:13 PM