Legal Question in Bankruptcy in Georgia

Will filing a personal chapter 7 affect my small s-corporation

I own a small retail store which is a s corp. I have alot of personal credit card debt that was created as a result of trying to keep my business going. Though the income is small, I would like to keep the store open. Will I be allowed to keep the store (which only has about 15,000 in inventory assets), since it is my only source of income?


Asked on 1/28/09, 4:18 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Will filing a personal chapter 7 affect my small s-corporation

If the store has value and you hold the stock in it, that store indirectly is your asset. To answer whether the asset is one you could keep, any lawyer would have to know the value of the company and its assets, and the value of your other assets. If you're in metro Atlanta, contact me and with a lot more information I can likely answer you.

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Answered on 1/28/09, 9:40 pm


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