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Legalease
Legalease, Lawyer
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Experience:  15 years exp all aspects of general law
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Hi. I have a minority ownership stake (approximately 15%) in

Resolved Question:

Hi. I have a minority ownership stake (approximately 15%) in a c-corp that i do not want to lose if I file for bankruptcy. I'm considering filing personal bankruptcy due to my mounting consumer debt and lack of income.  (obviously I am not employed by the C-corp previously mentioned). Could I be at risk of losing my ownership in this company if I file? Thanks for your help.

Submitted: 1 year ago via Cornell Legal Info Institute.
Category: Legal
Expert:  Legalease replied 1 year ago.

Hello there

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If you had paid until the end of the month and you had not turned in your keys yet, they had no right to assume the apartment was abandoned until after the end of the month (when they have the right to go in and if you had not cleaned or removed your supplies throw them away). In Arizona they have 14 days after you leave the place to send you a written letter which itemizes any damages and cleaning that they are going to try to claim from you to keep your deposit or some of your deposit. They will most likely issue the letter with a deduction for this supposed cleaning they had to do (when they did not give you a chance to do it). At that point you have to notify them in writing of what you do not agree with in the letter and if they refuse to talk to you or refund your money then your option is to take the landlord to small claims court in the county where the property is located. You can get the forms at your local district court (civil business) at the clerk;s office and complete the forms -- you can sue for up to $2,000 in small claims court without using an attorney. Unfortunately there are no government agencies that can assist with a tenant's security deposit or cleaning deposit and when a landlord refuses to return it, you must take the matter into small claims court yourself. And you can also add to the claim the amount of money that you spent on cleaning supplies.

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MARY

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Please press the 3rd, 4th or 5th smile face below so I will be paid for my time.. I am paid NOTHING unless you press a positive rating below. Pressing a positive rating below will NOT cost you any additional money -- it simply acts as the trigger for Just Answer to pay me for my time. THANK YOU

Customer: replied 1 year ago.
Hi Mary - your answer is unrelated to my question. I think you may have mixed up your response from a question that you received from someone else. :). Thanks - Jared
Expert:  Legalease replied 1 year ago.

Hello Jared -

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I am so very sorry that happened. Sometimes the screens roll around very quickly and we are actually required to go back and forth between customers.

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In response to your question, unless you can show the bankruptcy court that you are receiving income from that c-corp that you need to live on at the moment due to your financial situation, the bankruptcy court can consider it an asset and try to sell off the stake to any interested party in order to pay off some of the debt. It really depends upon what the value of the share is in monetary terms and what your individual financial situation is.

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MARY

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Please press the 3rd, 4th or 5th smile face below so I will be paid for my time.. I am paid NOTHING unless you press a positive rating below. Pressing a positive rating below will NOT cost you any additional money -- it simply acts as the trigger for Just Answer to pay me for my time. THANK YOU

Legalease, Lawyer
Category: Legal
Satisfied Customers: 14593
Experience: 15 years exp all aspects of general law
Legalease and 8 other Legal Specialists are ready to help you

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Legalease
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