Legal Question in Bankruptcy in Florida

Based on the general facts included in your question, my counsel is:

Being a partner or shareholder in a corporate entity, whether it is LLP, LLC, or corporation, your filing of personal bankruptcy does not, in itself, impact the corporation; however, certain facts are important to consider:

1. Are you a substantial partner or shareholder? If so, your filing may have an impact.

2. Is the corporation or other partners or shareholders a creditor of yours?

3. Whether you are filing a chapter 7 or chapter 13, your assets, debts, future earning capacity, and other information will be detailed in your bankruptcy petition, and could be subject to actions taken by the BR trustee. Your partners or shareholders may have some concerns. The value of your shares may be an issue.

4. A Sub-S Corporation merely means that it is registered with the IRS for a certain income tax status for treatment of personal rather than corporate income. Such status does not affect the filing a personal bankruptcy.