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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37864
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Is it possible to file a bankruptcy against a/my corporation.

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Is it possible to file a bankruptcy against a/my corporation. Had a car business that has had to close. I have tried to sale the property the lot was on to payoff the debts that were incurred under the business. I have tried for months to hold on and try and pay, but getting further behind. Balance growing, fees growing. I dont want to lose my family home,etc. Is there protection by doing this process. I am drowning like so many others. Is this an option. I know nothing about Bankruptcys.

You can certainly file bankruptcy for your corporation. However, if you have personally guaranteed your corporation's debts, then a corporate bankruptcy may not help, because the creditors will simply turn to you personally, and you will be forced to file personal bankruptcy.


If you have not personally guaranteed the corporation's debt, then you may be able to avoid the bankruptcy by liquidating all of your assets, paying what debts you can to the creditors, and then just ceasing business through the corporation -- which will then simply lay dormant forever.


For a bankruptcy lawyer referral, see: and


Hope this helps.


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