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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15876
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I had a business that began having trouble in 2011. The lose

Resolved Question:

I had a business that began having trouble in 2011. The lose was going to be huge. Suspecting the company was not going to be able to recover and in an attempt to use that loss to regain some of the taxes that were paid in prior years and carry forward the losses for years to come I applied to the IRS to change the company from a C corp to an S corp. The IRS accepted the application. That was 1/1/2011.

Sept 5, 2011 I filed for Chapter 11 with the business. On March 13, 2012 the chapter 11 was changed to a chapter 7. In June of 2012 I filed for personal 7 because so many of the business loans and vendors were personally guaranteed.

The personal bankruptcy was discharged on October 29, 2012 and we are now in that waiting period that follows the discharge. I want to buy a business from my son-in-law that he doesn't want any longer and provide some additional income for me and my family.

My question - is my personal bankruptcy totally independant of the business bankruptcy or does the S corp prevent me from moving forward with my plans? The business bankruptcy has not reached the discharge stage yet.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

Your personal bankruptcy will not in any way hurt your ability to buy another business, they are treated as separate entities,

WALLSTREETESQ :

If you disclosed all your assets and income to the chapter 7 trustee,

WALLSTREETESQ :

their should be no issue with you purchasing a new business, as long as everything was disclosed to the trustee, however I would suggest you wait till discharge is final,

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15876
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 4 other Bankruptcy Law Specialists are ready to help you

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