Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
So, the beneficiary issue should not even come into play, since the S-corp owned the property and was conducting business.
The value of the S-corp is the asset in your bankruptcy estate.
So, if you received value for your deed, then there is no issue there.
You indicated it was a personal loan though, the court may be interested in what you did with the proceeds, unless it was a loan to the business and not you.
If the business has value, that is the asset in the chapter 7.
The trustee can liquidate the asset, so if your business has value, that can be a problem with a personal chapter 7
Then you may want to consider chapter 13, to pay back debts, enough to protect assets.
There is much to sort out here if you are filing, so it would be advisable to meet with a local bankruptcy lawyer.
Do you have questions?
Your answer was quite sufficient to make my next move, talk further with my attorney.
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