Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Will former investors find out if I file BK?

  • Filter
  • Time
  • Show
Clear All
new posts

  • Will former investors find out if I file BK?

    I'm really fearful that if I file BK, that former investors will find out. You're supposed to list all your business partners/investors for the last six years in the Statement of Financial Affairs. I am scared that even though we dissolved the company last year that these former investors will find out. Will they get contacted by the trustee or creditors?


  • #2
    If they had a stake in your business when you went bankrupt, they will be notified as any creditor. Also the information will be public information and easily searchable and if your area newspapers publish BKs on a regular basis (major newspapers in our area post them every Sunday - all chapters including Chapter 11's), it will be out there for all to see who may review that information published.

    Have you discussed this with your attorney?
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006

    "A credit card is a snake in your pocket"


    • #3
      Thank you Flamingo for your reply.

      We closed the business last year. The company was a c-corp and did not file for bankruptcy. We paid off our creditors and it was dissolved. I had to assume the company credit card debt because I had to personally guarantee the cards. These would be included, if I filed. I have not yet filed in part because I want to understand all the potential repercussions. I have been told that only creditors to whom you owe monies get contacted. The former investors are not considered creditors. The company was a separate entity. I have mentioned this to my attorney and she tells me I am over-thinking it. I am going to probe more on this topic the next time I speak with her. I like coming on this site before I speak with my attorney because I can go into the sessions better prepared.
      Last edited by onthebrink; 02-26-2010, 11:08 AM.


      • #4
        Will former business investors find out about my filing personal bankruptcy?

        I'm really fearful that if I file personal BK, that former investors will find out. You're supposed to list all your business partners/investors for the last six years in the Statement of Financial Affairs. I am scared that even though we dissolved the company last year that these former investors will find out.

        The company was a c-corp incorporated in Delaware. The company ran out of money and was dissolved last year. I along with the remaining 3 employees were dismissed in August. The company was dissolved by the investors in December. I have been on unemployment since September and am considering filing BK, ideally Ch 7. I have hired an attorney.

        Will they get contacted by the trustee or creditors?

        To add further complication, I am trying to restart the company and need to work with the former investor in order to retain rights to the intellectual property associated with the company. I also just found out that the company is listed as "active" in CA even though it was dissolved in Delaware.

        I had one attorney tell me to not list the company since it was dissolved and had no assets.

        Would appreciate advice. My attorney has told me I am over thinking it and not to worry. We have "discussed" via email but not yet had a chance to speak about it in person. I am concerned that she may lack experience with my type of case. She said she deals with small business BK's all the time. I am trying to get informed as possible and have found this a great source of information. I have been posting in the General BK section but another member suggested I check out the Small Business section.

        Thank you


        • #5
          Well, if your investors are also your creditors, you have to list everyone you owe in your Creditor Matrix. So, yes, they will be notified by mail of your 'Suggestion of Bankruptcy'--that is what that document is called.

          Now, if the investors are NOT among your creditors, then, no they won't necessarily be notified--that I am aware of. However, BK filings are Public Record, and if anyone wishes to, they can go to the courthouse and ask to look at your paperwork. Also, depending on your local newspaper's policy, the news of your filing might be published in the financial or legal section.

          Good luck!
          "To go bravely forward is to invite a miracle."

          "Worry is the darkroom where negatives are formed."


          • #6
            If you have rights in the intellectual property of that company, then that is an asset that you may need to include in your list of assets. You do need to list that you held an ownership interest in the company but that it was shutdown and dissolved in December. If it was shutdown, and if you don't owe them any money or they don't owe you any money then they're not creditors and they aren't assets either so there's no reason they would be contacted unless the trustee thinks you shut the company down to hide an asset.

            I am an attorney, but I am just not your attorney.
            As such, any statement is not intended to create an attorney/client relationship.


            • #7
              To the OP - on 2/26 you posted the exact same thread in another forum - that thread was merged into your new posting in this forum. Please refrain from making duplicate postings in multiple forums. Thank you.
              Filed 5 Year Chapter 13: April 2002
              Early Buy-Out: April 2006
              Discharge: August 2006

              "A credit card is a snake in your pocket"


              • #8
                Thank you, BK. You always provide very useful and insightful answers/information.


                • #9
                  You will have to list your Corp on Form B7 # 18. It asks for beginning and ending dates of operation that debtor had a 5% interest or more. You would list the date the corp was dissolved.

                  As to investors, they were investors of the Corp, not you personally... if this is correct. If so, those investors would NOT need to be listed or notified of your Bk.

                  I agree with your Atty; you are over-thinking this situation. Relax.


                  Unconfigured Ad Widget