Do you ever file personal chapter 7s for people whowantto
Posted: Sat Aug 14, 2010 11:46 pm
The transfer of assets to the corporation would be for reasonably
equivalent value of stock in the new corp and said value would be
reflected in schedule "B". This is not a mechanism for hiding
assets; it's a way to enable a debtor to continue operating his
business and continue his livelihood. If the value of assets being
transferred is more than an exempted amount, the assets would be at
risk either way (transferred or not).
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Law Office of Mark J. Markus
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On 8/14/2010 7:21 PM, larry@lsimonslaw.com wrote:
>
>
> Depends on the nature and value of the assets if a trustee will
> seek to avoid the transfer into the corp.
>
> Sent via BlackBerry by AT&T
>
> --------------------------------------------------------------------
> *Sender: * cdcbaa@yahoogroups.com
> *Date: *Sat, 14 Aug 2010 19:07:12 -0700
> *To: *
> *ReplyTo: * cdcbaa@yahoogroups.com
> *Subject: *Re: [cdcbaa] Do you ever file personal chapter 7s for
> people who wantto keep their small business running?
>
> I think pre-inc debt is just personal debt, but it is arguable
> whether the transfer of the assets to the inc. is a fraudulent
> transfer. Has anyone had a trustee fight them on this? We are
> generally talking about a business where the assets are so small
> they would be exempt even if they stayed as a sole proprietor so I
> think it would be kind of a no harm no foul transfer. Thoughts?
> Holly Roark
> holly@roarklawoffices.com
>
> On Sat, Aug 14, 2010 at 5:13 PM, Bert Kawahara
> wrote:
>
> If you incorporate an existing business before BK, how do you
> transfer the business to the corp without the preexisting
> business debt?
> Bert Kawahara
>
> --- On *Sat, 8/14/10, larry@webbklaw.com
> / >/* wrote:
>
>
>
> Subject: Re: [cdcbaa] Do you ever file personal chapter 7s
> for people who wantto keep their small business running?
> To: cdcbaa@yahoogroups.com
> Date: Saturday, August 14, 2010, 4:51 PM
>
>
> The INC is an asset not party in the bk.
> Sent from my Verizon Wireless BlackBerry
> --------------------------------------------------------------------
> >
> *Sender: *cdcbaa@yahoogroups.com
>
> *Date: *Sat, 14 Aug 2010 14:48:46 -0700
> *To: *
> *ReplyTo: *cdcbaa@yahoogroups.com
>
> *Subject: *Re: [cdcbaa] Do you ever file personal chapter
> 7s for people who want to keep their small business running?
>
> If the debtor incorporates, though, then there's a better
> chance that the debtor can keep it up and running? Does
> it make a difference whether it is an Inc. or an LLC?
> I am glad to see all the discussion on this topic.
>
> --
> Holly Roark
> holly@roarklawoffices.com
>
> www.roarklawoffices.com
> Central District of California
> Consumer Bankruptcy Attorney
>
>
>
>
>
> --
> Holly Roark
> holly@roarklawoffices.com
> www.roarklawoffices.com
> Central District of California
> Consumer Bankruptcy Attorney
>
>
>
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