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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19107
Experience:  B.A.; M.B.A.; J.D.
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My name is ***** ***** I have a question about bankruptcy. I

Customer Question

Hi my name is ***** ***** I have a question about bankruptcy. I know this is a very generic question but I would like to know how declaring a corporation for bankruptcy affect the person and other businesses this person may have also what happen with the debt the corp had, if they go after personal value and how long after this person can open another corp with no setbacks from past failures
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 1 year ago.
A corporation bankruptcy does not affect the individual if the individual did not guarantee any loan for the corporation because a corporation is a separate legal entity. A corporation does get discharge of debts in Chapter 7 case. However, if the bankruptcy is success and the assets of the corporation are liquidated, there is little incentive for any creditor of the corporation to go after the officers of the corporation. For more information, click here: It is prudent for this person to wait until the current bankruptcy case is CLOSED before opening a new corporation. Kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this. Thank you for your cooperation.