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 cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

My wife is a physician and has a sub chapter s corporation

Resolved Question:

My wife is a physician and has a sub chapter s corporation and owns 100% of the shares. How will filing chapter 7 personal bankruptcy affect her business. Also need
to let you know that have personally filed chapter 7 about a year and half ago.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

Who filed a Bankruptcy 1.5 years ago?

cfortunato :

Who would be filing a Bankruptcy now?


I filed 1.5 years ago. My wife wants to file chapter 7 now

cfortunato and other Bankruptcy Law Specialists are ready to help you
Expert:  cfortunato replied 5 years ago.

Your wife's corporation and everything owned by the corporation would be treated as an asset. However, if your wife's corporation has no market value - if it cannot be sold - and if it has no salable assets, then your wife's Bankruptcy filing would not affect her corporation.


I think this is what you wanted to know. If not, please let me know.
Thank you.

Customer: replied 5 years ago.

Could you tell me if the business credit card,s balance which uses her social security # be used in the chapter 7 filing to get rid of that debt.

Expert:  cfortunato replied 5 years ago.
If your wife's business credit card is using her social security number, then she should include it in her personal Bankruptcy.