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VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
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Experience:  Chapter 7 & 13
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I am considering filing bankruptcy. I was a victim or mortgage

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I am considering filing bankruptcy. I was a victim or mortgage fraud and now owe nearly $700,000 for property with a tax value of $120,000. The banks involved played a part in the fraud scheme but it is doubtful they will be help responsible so I'm preparing for the worst and I'm thinking about filing personal bankruptcy (even though I don't owe anything on credit cards or anything else aside from some school loans). My current credit is mid 700's. I also own a succesful S Corporation so my thoughts are it won't be as bad as it would be for most people as I can pay myself as much or as little as I need to. Am I correct in assuming that it's easier for someone in my situation?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 6 years ago.

HelloCustomer

 

I will be happy to assist you. As your stock in the S corporation is part of your assets, it would be included in your personal bankruptcy; If your ownersip interest has any market value it could be sold to pay your debts. You must list the ownership of the stock on Schedule B, however, the value of that stock is dependent on the value of the business.

 

Also, any other assets you own outright could be attached and sold to pay this secured creditor minus the exemptions for California. California has two options for using exemptions, and does not allow residents to use the Federal Exemptions.

Customer: replied 6 years ago.
How can they determine if my ownership interest (100%) has any market value? How is the value of the business determined?
Expert:  VanDLaw replied 6 years ago.

You have to submit a Statment of Affairs with your filing. This is financial report showing assets and liabilities at expected liquidation values and stockholders' equity. If they did not believe your report they would investigate further, if you were proven to be providing false information they could dismiss your bankruptcy or worse perjury charges.

Customer: replied 6 years ago.
Makes sense. Can a good bankruptcy attorney come up with a solution to protect against losing all my shares? I'm sure there are creative ways to protect me aren't there?
Expert:  VanDLaw replied 6 years ago.

You should definitely see a bankruptcy attorney. It is illegal to move assets in preparation for bankruptcy, but there may be other scenarios or exemptions that they would be aware of.

VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience: Chapter 7 & 13
VanDLaw and 3 other Bankruptcy Law Specialists are ready to help you

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