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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If i file bankruptcy on my personal bills will it affect the

Resolved Question:

If i file bankruptcy on my personal bills will it affect the store that im part owner of it is a corporation?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
If you file a personal Bankruptcy, your share of the corporation has to be included as an asset in your Bankruptcy. This means if your share of the corporation has a market value (if it can be sold), the Bankruptcy court can sell your share to pay your personal creditors.
If your share of the corporation cannot be sold, or can be sold for only an insignificant amount (under around $10,000, depending on the value of your other assets), then your personal Bankruptcy will not affect your corporation.

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Thank you.
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