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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I formed a coporation in Delaware. I had an office in MO with

Resolved Question:

I formed a coporation in Delaware. I had an office in MO with papers to do business in that state. the business stopped doing business in march 2010 and the state of MO cancelled the right to do business in the state in 2011. Now I need to file bankruptcy. what state do I file it in?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

A Bankruptcy gets filed where the ''principal place of business'' is.

cfortunato :

This is pursuant to 28 USC 1408.

Customer:

there currently is no place of business for the last 2+ years.

cfortunato :

A Bankruptcy can also be filed where the business's principal assets are located.

cfortunato :

Are the business' assets located in MO?

Customer:

bank repossed all assets, building, equipment, everything is gone as of June 2012

Customer:

even had a personal guarntee on the assets and lost my farm/home as they took that as well. $2+ million

cfortunato :

If the business has no "place of business", and if the business has no assets, why do you want to file a Bankruptcy for the business?

Customer:

had a loan from the state of MO for $1 million for operations etc. currently in a lawsuit on that as well since we were not able to re-pay

cfortunato :

Are you personally liable for the loan?

Customer:

YEP

cfortunato :

Filing a business Bankruptcy will not discharge your personal liability for the loan.

cfortunato :

If your intention is to discharge your personal liability for the corporate loan, you have to file a personal Bankruptcy.

Customer:

I am aware of that and my thought process is to first file chapter 7 on the corp. then myself as no I have never filed.

cfortunato :

Filing a Chapter 7 for a corporation that has no assets will not accomplish anything.

Customer:

hence my initial question. if I file for chapter 7 in Delaware, it will stop the "corp" law suit and then they come after me and I file personally

Customer:

FYI the bank was never "paid in full" either, but I still do not know that amount

cfortunato :

Are you personally located in MO?

Customer:

yes, my Brother who is my partner lives in TN

cfortunato :

Since you are an owner or officer of the corporation, you can file a corporate Bankruptcy in MO, even though the corporation no longer has a place of business there.

Customer:

we have BOTH lost everything BTW

Customer:

I realize that HOWEVER, can I file it somewhere else other than MO?

cfortunato :

It can also be filed in TN.

cfortunato :

Since your brother lives there.

cfortunato :

It cannot be filed in DE.

Customer:

so am i to understand that it must be filed in the state where one of the officers personally live?

cfortunato :

Yes - if the business has no location and no assets.

Customer:

where are you located?

cfortunato :

NY.

Customer:

OK, kills the rest of the idea.

Customer:

can I get a copy of this transcript?

cfortunato :

Yes - you can copy and paste it into a word document.

Customer:

EXCELLENT, you have MORE than earned your "fee" Many thanks!

cfortunato :

You're welcome!

cfortunato :

And please have a pleasant day!

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 3 other Bankruptcy Law Specialists are ready to help you

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