Legal Question in Bankruptcy in United States
I closed my s-Corp end of 2015. How soon can I file bankruptcy? Can I file this year or I have to wait certain amount of time?
Asked on 7/27/16, 2:34 pm
1 Answer from Attorneys
David Baker
Law Office of David Baker
In Massachusetts, a corporation legally continues in existence for three years after is dissolution so that its affairs can be wound up. If you are talking about filing a bankruptcy case for the corporation, it is generally accepted that there's no point to doing so since a corporation does not get a discharge. If you are talking about filing for yourself, there is no waiting period, so far as I know, and it may be advantageous to file promptly if the corporation had a lot of debt that you would be liable for personally (which is usually the case).
Answered on 7/27/16, 2:37 pm
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