How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38910
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

Is it possible to file a bankruptcy against a/my corporation.

This answer was rated:

Is it possible to file a bankruptcy against a/my corporation. Had a car business that has had to close. I have tried to sale the property the lot was on to payoff the debts that were incurred under the business. I have tried for months to hold on and try and pay, but getting further behind. Balance growing, fees growing. I dont want to lose my family home,etc. Is there protection by doing this process. I am drowning like so many others. Is this an option. I know nothing about Bankruptcys.

You can certainly file bankruptcy for your corporation. However, if you have personally guaranteed your corporation's debts, then a corporate bankruptcy may not help, because the creditors will simply turn to you personally, and you will be forced to file personal bankruptcy.


If you have not personally guaranteed the corporation's debt, then you may be able to avoid the bankruptcy by liquidating all of your assets, paying what debts you can to the creditors, and then just ceasing business through the corporation -- which will then simply lay dormant forever.


For a bankruptcy lawyer referral, see: and


Hope this helps.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

socrateaser and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions