Legal Question in Bankruptcy in Florida

Personal a mess/ what about business

Iknow one of the advantages of a corporation is it protects you from loss of personal property. My case is the reversed. I have a small retail shop. Personally my finances are a mess. If I declare bankruptcy Chapter 7 will an incorporation of my shop protect its assets??


Asked on 5/16/99, 2:03 am

1 Answer from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Personal a mess/ what about business

When you file for Ch 7 all your no exempt assets contructively become th property of th Trustee. If you own stock in the company, that stock goes to the trustee. The trustee may abandon it or sell it back to you.. So although you protected yourself from the debt of the corporation, it is not necessarily protected from you.. at least not in the bankruptcy arena. If you to discuss this or any other aspect of your forthcoming bankruptcy, call me at 305-940-8080.

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Answered on 5/26/99, 6:08 pm


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