How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Phillips Esq. Your Own Question

Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 13004
Experience:  B.A.; M.B.A.; J.D.
16551887
Type Your Bankruptcy Law Question Here...
Phillips Esq. is online now
A new question is answered every 9 seconds

MY SON WORKS FOR A SMALL COMPANY OF ABOUT 9 PEOPLE. HIS BOSS

Customer Question

MY SON WORKS FOR A SMALL COMPANY OF ABOUT 9 PEOPLE. HIS BOSS IS GOING TO FILE PERSONAL BANKRUPCY IN THE NEAR FUTURE AND TRUST MY SON LIKE HE WAS HIS OWN. HE WANTS TO PUT MY SON DOWN AS PRESIDENT OF THE COMPANY BUT MY SON DOESNT FEEL 100% POSITIVE ABOUT TAKING ON LEGAL ISSUES THAT MAY ARISE. HE WILL HAVE THE AUTHORITY TO SIGN CHECKS, HIRE, FIRE,ETC, BUT HE IS ONLY 18. I DON'T FEEL COMPLETELY COMFORTABLE WITH ALL THIS. HE'S TOO YOUNG TO HAVE ALL THIS ON HIS SHOULDERS. MY SON SAID HE WILL HAVE IT PUT ON PAPER THAT HE CAN BACK OUT AT ANY TIME, BUT I DON'T THINK YOU CAN DO THAT EASILY. HE'S ONLY WORKED THERE 6 MONTHS..I NEED A SECOND OPINION. THANK YOU
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 5 years ago.

Your concerns are quite genuine and reasonable.

Your son should say thanks but no I will pass on this one.

Your son should not be in a position of likely being a defendant in a lawsuit against the company as an officer of the company. If his boss is going to file personal bankruptcy, there is a probability that his business might be drawn into his personal bankruptcy case and your son as the President of the company and as such one of the officers of the company may litigate on behalf of the company in his boss’s personal bankruptcy case.


Customer: replied 5 years ago.
I thought personal bankrupcy and bussiness bankrupcy were two different things.
Expert:  Phillips Esq. replied 5 years ago.
Personal and business bankruptcy can be two different things. However, they are related. In this case, your son's boss must list his interests in the business as one of his assets in his personal bankruptcy case. In addition, if he has been running his business as a sole proprietorship even if the business is incorporated or an LLC, for instance mixing up his personal finances with his business finances, his creditors on his personal bankruptcy case may ask the bankruptcy Court to pierce the corporate veil so that they can go after his business even if his business is not the one filing for bankruptcy protection. If this happens, then litigation would ensure dragging the officers of the company including your son into his boss' personal bankruptcy case.
Customer: replied 5 years ago.

is there anything else i should know? Since my son is only 18, how much could he be liable for since he doesn,t own anything else as far as assets. Whats the worse possible thing that could happen to him if he went ahead with this. He doesn,t even have any credit. He thought this might be a good way to start since no banks are giving anything to anyone right now because of the economy. I just don't want this to back fire on him.

Expert:  Phillips Esq. replied 5 years ago.
I have answered your original questions, and then answered your followed up question.

I cannot continue to answer your questions without being credited for my efforts.

I will now opt out and let another expert assist you.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions

Chat Now With A Bankruptcy Lawyer
Phillips Esq.
Phillips Esq.
Bankruptcy Lawyer
13004 Satisfied Customers
B.A.; M.B.A.; J.D.