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Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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I may have to file personal Chap 7 in a year or so. Also I

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I may have to file personal Chap 7 in a year or so. Also I have S Corp where wife and I are only shareholders. Should I change the S to a C Corp now in order to better protect corp assets in the future?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.
The nature of the corporation will not change the value of assets. The court will look at the value of your shares when you file the case. Now, unless there are expensive assets, in most cases, the value of the shares is nominal at best when it is a closely hold corporation. If there is value, then you may want to consider chapter 13, payback enough debt to protect the value. Unfortunately, if you sell/transfer shares, you have to disclose your interest in the biz for up to 6 years on the statement of intentions on the bankruptcy petition, so you wouldn't gain any advantage by doing that either. Talk to a local bankruptcy attorney to help you design the best case, with your allowable state exemptions to protect the assets you have.
Customer: replied 5 years ago.
I guess I really need to know if C corp assets offer any better protection than S corp in a personal Chap 7 where all stock is personally owned.
Expert:  Terry L. replied 5 years ago.
There is no difference. in the chapter 7, you have to disclose the ownership interest in the stock. The stock's value would be the same if it is S-corp or C-corp.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2543
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Terry L.
Terry L.
Bankruptcy Lawyer
2543 Satisfied Customers
Better Business Bur 15yrs bankruptcy experience. Chicago Bar