Legal Question in Bankruptcy in California

Re: dissolution of a corporation

You've got some issues for sure. First, the corporation can file bankruptcy, but unless it has assets to liquidate, or is an ongoing business that could generate income to fund a repayment plan, there might not be much sense in pursuing a corporate bankruptcy proceeding. As to the personal debt, you may be eligible to file bankruptcy personally, and discharge the personal obligations except your line of credit on your home. If you intend to keep the home, its almost certain that you will have to continue repaying that debt. I would suggest that you meet with a bankruptcy attorney to discuss in more detail your entire situation - its too complex to resolve on this forum, and most bankruptcy attorneys will provide you with a free initial consultation.

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