.jpg)
Chapter 7 Personal BK with a Corporation [7 Attachments]
Trustees close businesses when there may be personal liability to the trustee for allowing the business to run, or when a postpetition claim against the business would dilute the amount paid to creditors, considered as of the the filing date.
I make sure there is plenty of insurance for the corp before we file, so the trustee won't want to close the business. Over the years, I have had to contact the trustee and produce the insurance to keep the trustee from closing the business.
(remember a simple slip and fall an turn into a $250k claim.)
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Jun 29, 2015, at 1:26 PM, David Workman davidjworkman@yahoo.com [cdcbaa] wrote:
>
> [Attachment(s) from David Workman davidjworkman@yahoo.com [cdcbaa] included below]
> The corporation is a separate entity and can continue to operate. If debtor is sh/hr, then it is an asset like anything else. If there is no value, I can't imagine the Trustee is going to do anything.
>
> David J. Workman
> Law Offices of David J. Workman
> California Bank & Trust
> 21515 Hawthorne Blvd., Suite 1150
> Torrance, CA 90503
> Telephone: (310) 543-1151
> Facsimile: (310) 543-4916
>
> This e-mail and any attachments may contain confidential and
> privileged information. If you are not the intended recipient,
> please notify the sender immediately by return e-mail, delete this
> e-mail and destroy any copies. Any dissemination or use of this
> information by a person other than the intended recipient is
> unauthorized and may be illegal
>
>
>
> On Monday, June 29, 2015 12:59 PM, "Shannon Doyle sdoyle@ebankruptcyassistants.com [cdcbaa]" wrote:
>
>
>
> Non-profit corporation is exempt (no assets). Corp is running at a negative income. Debtor funds the negative income with her SSI and pension. Can the trustee force debtor to close the corp? What is the typical scenario where a chapter 7 trustee will force a debtor to close a business?
>
>
>
>
> Shannon A. Doyle
> Attorney | Virtual Bankruptcy Assistant
> Phone: 855-378-4080
> Fax: 562-249-8435
>
>
>
>
>
>
>
type="text/html";
boundaryple-Mail-6AC1F3BF-B7B1-4306-9174-E9F4953BC646
On Jun 29, 2015, at 1:26 PM, David Workman davidjworkman@yahoo.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
The post was migrated from Yahoo.