Legal Question in Bankruptcy in Florida
Personal CH-7 and S-Corporation
We are considering CH-7. Is it required that the assets of the corporation be listed? As example. Four years ago I built a computer system and then gave it to my corporation a year ago when the corp. was formed. Corporation lists it as an asset. Thankyou
Asked on 11/12/97, 8:26 pm
1 Answer from Attorneys
William W. Fernandez, Sr., J.D.
Law Ofc. Wm. W. Fernandez, Sr., J.D., Atty. at Law
Fla. Personal CH-7 and S-Corp.
You will have to list the corp. stock as an asset in your schedules. The trustee will then inquire and will probably ask you to give a financial stmt.; tax returns; list of assets; etc. for the corp. If the corp.stock has value, the trustee can get to the assets in the corp. unless you can claim the stock as part of your exemptions.
Answered on 11/13/97, 8:45 am
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