Legal Question in Bankruptcy in Illinois
incorporation/bankrupcy/settlement co
Rescently my husband and his brother started a business, apartnership. No money has been made. Personally, we are flat broke and cannot pay our bills..sinking fast. Owe approx 45k credit cards and am considering bankrupcy or settlement. Do I need to take business from Partnership to Corporation to protect and will it be protected if we file bankruptcy?
Asked on 5/07/07, 7:40 am
1 Answer from Attorneys
Terrance Leeders
Leeders Law
Re: incorporation/bankrupcy/settlement co
If you file a personal bankruptcy, then the business assets would be an issue. If you incorporate, your attorney would need to be careful to guide you about 'transferring' assets to the business. If you wish to discuss it further, please get in touch. Thanks
Terry
Answered on 5/07/07, 10:01 am
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