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Recent Personal Bankruptcy questions

In personal bankruptcy, what can they take? If you have a

In personal bankruptcy, what can they take? If you have a house and a lot of little things in the house like furniture, clothes, books, etc. All the personal things people normally have that wouldn't typically be worth much to other people, would they look to sell all of that stuff and put the person out on the street or is there a certain amount of property one is expected to be able to keep?

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Rovena Andoni

Juris Doctor

22 satisfied customers
I was Personally Suit in a Civil Case - unfortunately the

Hi, I was Personally Suit in a Civil Case - unfortunately the Jury has decided against me . The Judge final hearing is in 30 days on potential damages. Wanted to know the options for bankruptcy protection. Since I was suit personally, would like to protect my family before the final judgement is issued. Last, i operate a very small LLC company - want to make sure the personal claims do not escalate against my business. Please advise on the best bankruptcy protection option and the possible cost. Thank you

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Roger

Litigation Attorney

Doctoral Degree

34,894 satisfied customers
I own a C-Corp in Illinois. The "assets" are 2 taxi

Hi,I own a C-Corp in Illinois.The "assets " are 2 taxi Medallions,valued at 120,000 combined and 1 car ,valued at $5000.But my medallions loan is $500,000,so Im totally "underwater".(the Medallions values decreased from $350,000Also,to note that Im a personal guarantor on the Medallion Loan of $500,000 .Questions:1)Can I file personal Bk chapter 7 anytime ,and include the Corp Debt in my personal Bk,since I'm a guarantor?(And they gave me a notice of intend to foreclose on the medallions,the will probably seek a judgement against me personally,since my company doesn't have any other assets,except for the car valued at $5000)?Or I would have to wait for the Lender to foreclose and then file C Corp Bankruptcy,and then my personal bankruptcy?Or ,when they obtain a Judgement (probably in my personal name),I can file personal Bk at that time,and avoid filing C Corp Bankruptcy?(I would prefer to keep my corporation open,as Im working as a Limousine driver and getting paid on my company name;I make about $4000 a month...)

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Maverick

Doctoral Degree

7,782 satisfied customers
Considering Chapter 7, personal. However, own a retail

Hello, considering Chapter 7, personal. However, own a retail business with a mortgage on the property. The property is under a LLC. Is the business in jeopardy as an asset if I file?

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LawTalk

Attorney at Law

Juris Doctor

36,474 satisfied customers
If you file for personal bankruptcy in Florida and you own a

If you file for personal bankruptcy in Florida and you own a corporate asset, is that corporate asset considered separate from your personal assets? In other words, is it safe from being taken? Also, is a primary residence protected in bankruptcy?

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LawGuy

Juris Doctor

42,580 satisfied customers
I am a director and 100% share holder in my limited company.

HiI am a director and 100% share holder in my limited company. I want to make myself personally bankrupt. Can I do this and how will it affect my company?Thanks

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ScottyMacESQ

Doctoral Degree

24,142 satisfied customers
How can you file for personal bankruptcy (chapter 7 or 13)

How can you file for personal bankruptcy (chapter 7 or 13) more than every 8 years? Is this possible?

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Roger

Litigation Attorney

Doctoral Degree

34,894 satisfied customers
Does filing a bankruptcy on a sole member LLC affect my

does filing a bankruptcy on a sole member LLC affect my personal credit score as well or just the business and DUNS? If so for the same as personal bankruptcy or in the future can I still say I never filed bankruptcy

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Phillips Esq.

Attorney

Juris Doctor

21,324 satisfied customers
Years ago i received an 11,000.00 fine which the idph

years ago i received an 11,000.00 fine which the idph purposely sent to an old address and I never got a day in court. The fine was for my old corporation that has since dissolved. Also I filed bankruptcy on the amount as well. What law says I do not have to pay or am not responsible for paying it now?

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DrakeLAW

Juris Doctorate

1,164 satisfied customers
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