Legal Question in Bankruptcy in Tennessee

Corporate and LLC Bankruptcy

If I own stock in a corporation or a percentage of an LLC that files for bankruptcy will the bankruptcy show up on my personal credit rating?


Asked on 2/22/01, 2:21 pm

1 Answer from Attorneys

Alan Crone Crone & McEvoy, PLC

Re: Corporate and LLC Bankruptcy

Your credit rating should not be affected unless your name is "brought up" during the bankruptcy proceedings. If you are the co-signor of a note or obligation of the debtor and the bankruptcy plan adversly effects that creditor you should be fine. If you are very concerned about it you should consult an attorney because every case is different.

Your question is very important. I often help individuals through very difficult issues like yours.

I cannot answer questions, give legal advice, or quote fee rates over e-mail for several reasons. First, in order to answer questions, I may need to ask you several questions or review documents. Also, because there is no confidentiality with e-mail, some authorities have said that I would be in violation of ethical restrictions. Additionally, if you are already represented, I need to know that in order to ethically render legal advice. Finally, please understand that I make my living rendering legal opinions.

Feel free to call Karen Nickelson, my paralegal, at (901) 527-5522, and set an appointment for an in-person consultation or a telephone consultation. Karen will be glad to assist you with any additional questions about our services or fees.

Additional information may be found about my firm or me at:

Crone & Mason, PLC -

www.cronemason.com

Thank you,

Alan G. Crone

Crone & Mason, PLC

Eight S. Third St., Fifth Fl.

Memphis, TN 38103

[email protected]

www.cronemason.com

(901) 527-5522

(901) 529-1432 fax

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Answered on 4/05/01, 3:23 pm


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