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 dylatess Your Own Question
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
Type Your Bankruptcy Law Question Here...
dylatess is online now
A new question is answered every 9 seconds

I have over 4 corporations that I need to file bankruptcies. Can

This answer was rated:

I have over 4 corporations that I need to file bankruptcies.
Can I sell the stock of three to one of them, and then file chapter 11 on that one and avoid filing 4 bankruptcies?
Can you file bankruptcy (chapter 11) on a estate?
Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

Yes, an estate can file bankruptcy.

As to. Your first question, you cannot sell any stock as any transfers of corporate assets made within 24 months of filing bankruptcy are deemed a voidable transfer. And the trustee, after examining the assets of each corporation, will seek court permission to set aside the transfers. Also, the trustee could charge you with bankruptcy fraud so please do not go down this road but instead seek attorney representation.
Customer: replied 4 years ago.

I didn't mean a fraudulent sale, but a transfer to avoid having to to file 4 different chapter 11 bankruptcies. I am the owner of the 4 corp. and there wouldn't be any $$$$ involved.

How can I avoid filing 4 bankruptcies. They are expensive. Couldn't they be consolidated?

Customer: replied 4 years ago.

Hi, I'm still waiting for an answer to my reply.

If you are the 100% owner of all of the corporations, than yes you can file one petition followed by a motion to consolidate. But this requires an attorney's assistance as there are no forms.
dylatess and other Bankruptcy Law Specialists are ready to help you