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 cortrightlaw Your Own Question
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
Type Your Bankruptcy Law Question Here...
cortrightlaw is online now
A new question is answered every 9 seconds

we have a company and my husband is the director, we might

This answer was rated:

we have a company and my husband is the director, we might have to go bankrupt.
will we lose our house which is not in the company name? Our car is in the company name, should we transfer it into my name

cortrightlaw : Don't transfer anything until you go sit down and meet with an attorney. If you have a corporation your house is not in your corporation or at least it should not be.
cortrightlaw : What you have to look at is whether the debt is just in the corporations name or your names as individuals. As long as it is not in our name you can just close the corporation and file bankruptcy on it if you want without affecting your personal assets.

the debt is only in the company name, house is in personal names not the company


can we then trade as a sole trader


cortrightlaw : Yes if you close and bk the business you can operate as a sole proprietorship. Just keep in mind that if the corporation has any assets including the vehicle you mentioned it will most likely be lost in a chapter 7 as all assets are surrendered to the trustee.

will we keep our BSA license which is in a personal name not a company name,i asked this question yesterday and the lawyer didnt know what i was talking about and closed the chat session


cortrightlaw : There should be no issue in keeping the license unless it has some value. The trustee is not going to take the license if it has no value. If the licensing agency will take it that you would have to discuss with them.

thankyou for your help

cortrightlaw and 2 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions