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 Roger Your Own Question
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31672
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Type Your Bankruptcy Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I am a chapter 13, and planning to start a corporation with

This answer was rated:

I am a chapter 13, and planning to start a corporation with a partner, who has a good credit history. How can I have a 50 percent partnership with him without listing my name so as to avoid increase in payments to chapter 13? Thanks.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question.

As you know, you are required to disclose any assets acquired while in the chapter 13, so if you were to acquire an ownership interest in this company, you would be legally required to disclose it, and if you failed to do so, you could face dismissal of your case and possibly even penalties for defrauding the court.

IF you were to proceed with this, you would just have to have a verbal agreement with your friend and you could be nowhere on paer, but that's a risky predicament. Also, if you were found out, your friend could also be accused of conspiring to defraud the bankruptcy court. So, this is not a good idea to say the least.
Roger and 2 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions