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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36494
Experience:  Bankruptcy Lawyer. Experienced.
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My S corp is a California corp....however 14 months ago I moved

Customer Question

My S corp is a California corp....however 14 months ago I moved to Florida and have run the company from here. The company is now totally insolvent....with no assets remaining in my attempt to keep it going. Should I file, if I file here, in Florida or must I need to do that in California? The Corp has credit card and bank loan debt. OR should I just file personal BK since I have no personal assets.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
are you personally liable on your corporate debt?
Customer: replied 4 years ago.
Yes.....on some accounts and others not. THx MArk
Expert:  FiveStarLaw replied 4 years ago.
Hello,


Thank you for your question.

Typically it would be the most cost effective and simplest proceeding to file a personal Chapter 7 bankruptcy and list the creditors of the corporation in your personal filing. This way you can file in Florida and avoid the necessity of filing two bankruptcies
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36494
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 6 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
SO if I understand this correctly....I should think about filing Personal Chapter 7 here in Florida. Can I do this myself? I'm 65 and as of last month on SS....can I retain my auto which I owe money on, it has no equity, so I can seek out other work etc? THx Mark
Expert:  FiveStarLaw replied 4 years ago.
Thank you for the bonus. I do appreciate it.

You can retain your auto in a chapter 7 bankruptcy in Florida since your auto has no equity. However you will need to continue to make payments to the lienholder.

Additionally your social security is exempt from the claims of creditors.

It is possible to file a chapter 7 bankruptcy yourself. However it is preferable to retain local counsel to assist you. If that is not possible, please tell me where in Florida you are located and I will see if I can find the forms for you.

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