Chapter 7 Personal BK with a Corporation [7 Attachments]
Posted: Tue Jun 30, 2015 12:18 pm
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:
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> [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.
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> 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
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> On Monday, June 29, 2015 12:59 PM, "Shannon Doyle sdoyle@ebankruptcyassistants.com [cdcbaa]" wrote:
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> 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?
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> Shannon A. Doyle
> Attorney | Virtual Bankruptcy Assistant
> Phone: 855-378-4080
> Fax: 562-249-8435
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On Jun 29, 2015, at 1:26 PM, David Workman davidjworkman@yahoo.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
The post was migrated from Yahoo.