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S corp and personal ch7

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  • S corp and personal ch7

    Hi. I'm new to this so any insight will be great. My husband and I just filed for personal ch7 2days ago. I have a optometry business that is an S corp with me as the only officer. I listed in my personal creditors' list alot of my vendors and my landlord since a lot of them have my personal guarantee. So now that the personal bk is filed, I don't know what I'm supposed to do with my practice, especially my patient charts, inventory, and equipments. I know eventually i will have to file bk on the corp as well, because if i can't deal with vendors, i can't do business. Thanks to all that can help me.
    BTW, I'm in CA.

  • #2
    I'm new too and in the same situation, sort of. I am filing Ch7 personally because my business tanked after 37 years. The last two have been a drain on my personal income and credit. I just can't go on any longer.
    My lawyer is putting everything, even a LOC which is secured by the assets of the business on my personal bankruptcy. As of now, I am a no asset business, but we are still listing it to protect ourselves as a 100% sharehold and corporate officer.

    You could go bankrupt on the business, but it isn't really necessary is my understanding.
    Dissolve the business by filing the correct papers, list any assets you have at fair market value and possible sell it. ( All I have is about 300.00 or basically worthless furniture)
    Your creditors could go after you, but if you list them personally, you shouldn't have any problems.
    My lawyer doesn't think I'll have any problems at all, but then again, I have no equipment of value.

    Comment


    • #3
      Originally posted by kkk View Post
      So now that the personal bk is filed, I don't know what I'm supposed to do with my practice, especially my patient charts, inventory, and equipments.
      You do nothing with them, except hang on to them for the trustee. The corporation is an asset and has no exemptions.

      If it has value, the trustee is going to want to sell it. Perhaps you might want to buy it back.

      Do not sell, transfer, or liquidate ANYTHING that belongs to that corporation.
      All information contained in this post is for informational and amusement purposes only.
      Bankruptcy is a process, not an event.......

      Comment


      • #4
        Originally posted by frogger View Post
        You do nothing with them, except hang on to them for the trustee. The corporation is an asset and has no exemptions.

        If it has value, the trustee is going to want to sell it. Perhaps you might want to buy it back.

        Do not sell, transfer, or liquidate ANYTHING that belongs to that corporation.
        Question about not selling stuff. One of my employees is taking over the lease where I am. Should I just leave the very minimal stuff there and walk away?
        My business has no assets ( My business owes me $20,000!! )
        She offered to pay me a little ( perhaps $300.00) for what is left.

        Comment


        • #5
          Originally posted by RuthCB View Post
          Question about not selling stuff. One of my employees is taking over the lease where I am. Should I just leave the very minimal stuff there and walk away?
          My business has no assets ( My business owes me $20,000!! )
          She offered to pay me a little ( perhaps $300.00) for what is left.
          The corporation no longer belongs to you. It belongs to your bk estate. You do not have the right or authority to sell or transfer anything unless/until your Trustee gives you that right.

          Don't do it!
          All information contained in this post is for informational and amusement purposes only.
          Bankruptcy is a process, not an event.......

          Comment


          • #6
            Originally posted by frogger View Post
            The corporation no longer belongs to you. It belongs to your bk estate. You do not have the right or authority to sell or transfer anything unless/until your Trustee gives you that right.

            Don't do it!
            OK, but I haven't filed yet. Closing business June 5th. Filing approx:
            June 8-12th.
            I do have a lawyer, but I like to ask the right question by asking here too.

            Edit to add: I'm not one of these people who is waiting. I can see the writing on the wall. When I lose my business I won't be able to pay credit cards, LOC, or the back rent. I haven't missed a payment yet ( except rent), but I will in May.

            Comment


            • #7
              Originally posted by RuthCB View Post
              OK, but I haven't filed yet. Closing business June 5th. Filing approx:
              June 8-12th.
              That changes things. Provided this person is not an "insider" or family member, you should be able to sell things for market value or less. Market value on most everything right now is pretty low, so if it's not worth much, then so be it.

              If this were personal items, you would be thinking garage sale.

              They are business items, so you think fire sale.

              Document, document, document.

              Everything.
              All information contained in this post is for informational and amusement purposes only.
              Bankruptcy is a process, not an event.......

              Comment


              • #8
                Originally posted by kkk View Post
                My husband and I just filed for personal ch7 2days ago.

                But....... you did say that you already had filed?
                All information contained in this post is for informational and amusement purposes only.
                Bankruptcy is a process, not an event.......

                Comment


                • #9
                  Originally posted by frogger View Post
                  But....... you did say that you already had filed?

                  No, I kind of took over the thread. I haven't filed.

                  And thank you so much! That was our plan. It is an employee, but I will have nothing to do with the business once I leave. I've had enough and am "retiring"
                  and will look for other work if anyone will hire a 61 year old.

                  Comment


                  • #10
                    Hi there,
                    i do have a S corporation,and have filed for personal bk.
                    was on my 341 meeting two days ago and the trustee asked if i have owned a business.
                    answered yes and he was not aware of it,not listed. So he gave my lawyer 4 weeks to fix the petition.
                    Have no real assets in my business,have a martial atrs studio and train people there for a monthly fee.Claimed -$1500 loss on my 2009 tax for the business. Making some what $1000-1500 a month but not really money i can use,because they are money taken upfront for a service snd use them to pay next month rent and bills.
                    What can the trustee do with my S copr? I have $500-600 worth of puzzle mats for may floor and old non-working computer,used desk from Ikea and a chairs.
                    Can he make me close my business,take my money from my business account around $1500-2000?
                    do i have to file bk on the corp?
                    I am really nervous,my lawyers said don't worry he wants ti investigate my S corp now all bank statements,tax,etc. Used my business account for personal one since had no other ones to use after i filed to bk and they said stop using them you owe money to those banks,so just take all money out and that's it.
                    Please give me and advise?
                    thank you

                    Comment


                    • #11
                      Originally posted by krasimir View Post
                      Can he make me close my business,take my money from my business account around $1500-2000?

                      Yes & Yes

                      do i have to file bk on the corp?

                      no

                      I am really nervous,my lawyers said don't worry he wants ti investigate my S corp now all bank statements,tax,etc. Used my business account for personal one since had no other ones to use after i filed to bk and they said stop using them you owe money to those banks,so just take all money out and that's it.
                      Please give me and advise?

                      If you disclosed your S-corp to your lawyer, you need to be crawling up his a$$ for not doing his job. Your S-corp is an asset that belonged to your bk estate on the day of your filing. The S-corp has no exemptions.

                      thank you
                      you're welcome
                      All information contained in this post is for informational and amusement purposes only.
                      Bankruptcy is a process, not an event.......

                      Comment

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