Legal Question in Bankruptcy in Georgia

backruptcy concerns

A forclosure judgement was just entired against my wife and I in Hawaii. After the morgage company sells the property I believe they will seek a judgement against us for the remaing balance which will be around $100,000. To protect myself I believe bankruptcy will be my only opption. I have started a small incorperated business (S Corp), will that be venerable as a non-exempt asset? Would my wages or company posted dividends be exempt or non-exempt? I have only wanted to include this one debt in a filing, is that the best way to approch bankruptcy or should I combine all my large debts and include them as well?


Asked on 10/25/99, 2:10 pm

1 Answer from Attorneys
Dorothy Bunce

Re: backruptcy concerns

It depends on what assets belong to the Subchapter S Corporation and how easy it would be for a Bankruptcy Trustee to sell the corporation. If the assets are basically work tools and your services, you probably OK. But that's why you're going to hire a compentent attorney to handle your bankruptcy, right?

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Answered on 10/26/99, 6:42 pm


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