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Corporate Bankruptcy Process

What is corporate bankruptcy?

Corporate bankruptcy is a process in which a company legally declares that it can no longer meet its business and financial obligations. When a company files for corporate bankruptcy in a bankruptcy court, it requests for protection from its creditors taking legal action against the company for not being able to repay them. Before filing for bankruptcy individuals and business owners need to understand the various aspects involved in the corporate bankruptcy process. Find below the popular questions about corporate bankruptcy that people ask

What can an Individual do if his/her Corporate Bankruptcy gets Dismissed?

If an individual’s corporate bankruptcy gets dismissed, he/she may file a motion in the bankruptcy court requesting the bankruptcy to be re-opened.

What can an Individual do if he/she is Forced to File Corporate Bankruptcy?

If an individual was forced into bankruptcy and the case was eventually dismissed, then he/she may sue the trustees for defamation and ask the bankruptcy court for sanctions and legal fees.

Can Business Debt be Discharged in a Corporate Bankruptcy?

Business debts may not be discharged in corporate bankruptcy. They may be re-organized. In most cases, there would be a plan in which the creditors may agree to accept only a part of the debt that is owed to them so that the business can continue.

Would an Individual be Liable to a Corporate Bankruptcy filed by an Insurance Company?

In most situations, if an individual does not have any personal guarantees of loans that have been taken by the insurance company, he/she would not be liable for a corporate bankruptcy. If he/she has made any guarantees to the corporate loans, then he/she may liable to it. However, if the corporate bankruptcy negatively affects anybody who has bought insurance from the company, then they may complain to the Department of Finances and that could have a negative effect on the individual’s license.

Can an existing S Corporation start a Second S Corporation before Filing Corporate Bankruptcy to continue Business?

An existing corporation may start a second S corporation before filing corporate bankruptcy in order to continue business. However, the corporation may not transfer any assets from one company to the second. If this is done, the bankruptcy trustee may cancel the transaction and dismiss the bankruptcy appeal.

Can the Interests of a Company filing Corporate Bankruptcy be Acquired by another Individual?

One may acquire an interest in a company that is filing corporate bankruptcy if it is a chapter 7 bankruptcy. However, this interest may not be purchased directly from the company. It may have to be purchased from the bankruptcy trustee. This is because when a corporation files for a chapter 7 bankruptcy, all the interests and assets of the company become a part of the bankruptcy estate.

Can Wages be Discharged in a Corporate Bankruptcy?

Wages may not be discharged in a corporate bankruptcy. Wages, in most cases, may be pursued against the business owners. The wages may be paid back personally in a chapter 7 bankruptcy and for the corporation in a chapter 11 bankruptcy.

Understanding what are the different aspects involved in corporate bankruptcy will help companies who are planning to file for one go through the entire process without any trouble. It will also help companies know what their rights and obligations towards creditors are.

Ask a Bankruptcy Lawyer

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FiveStarLaw, Attorney
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Experience:  Bankruptcy Lawyer. Experienced.
9968427
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Bankruptcy Lawyers are online & ready to help you now

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Terry L.
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Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Corporate Questions

  • Here's the scenario: A business owns real estate that is

    Here's the scenario:
    A business owns real estate that is being executed on by a judgment creditor. The debt is also personally guaranteed by one of the business principals, hence, the judgment creditor can pursue the individual guarantor. I assume that even if the business restructures under Chapter 11 wherein some of the unsecured debt is eliminated, the debtor can still pursue the individual guarantor for the full amount of the judgment even though some of it was settled in the chapter 11 case insofar as the business is concerned. Do I see this clearly?
  • now im tryin to find out ,if I flied Bankruptcy chap 7,in

    now im tryin to find out ,if I flied Bankruptcy chap 7,in 2010,can I still flie chap 13,and will that stop the person,from takeing my home on the back taxes ,and if it does ,will they set me up on monthly payment to pay the back taxes on my home,and im
    in illinos,st clair county
  • Good Afternoon. i have a friend whose home is in foreclosure.

    Good Afternoon. i have a friend whose home is in foreclosure. She owes 600,000 on the first loan she owes 500,000 on the second loan and she owes 650,000 on the third loan. The house is worth 750,000. What should she do? Can she refinance? I told her to let it get foreclosed on. She owes too much money on it to try to save it. What are her options? She was served summons and complaint on 10/8/2014. She did not answer the summons and complaint as of yet. I told her she should have answered it 2 months ago. She missed the deadline. Can the court order a default judgement?
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