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How do I file bankruptcy for my Corp, sub chapter S. Few…

How do I file bankruptcy...
How do I file bankruptcy for my Corp, sub chapter S. Few tangible assets. Desks, computers etc. main asset is monthly revenue from existing clients, no contracts, month-to-month. I have state and federal tax that came down to me from company & substantial corporate debt, no personal guarantees
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Answered in 8 minutes by:
3/19/2018
LegalDan
LegalDan, Attorney
Category: Business Law
Satisfied Customers: 616
Experience: Partner at McCollum Hodgkinson, P.C.
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What state are you located in?

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Customer reply replied 4 months ago
Oregon

Thank you - That is a straight forward filing. With limited assets and no long term contracts, the first thing I would do is to gather all the paperwork concerning assets, income, and debt. Then you can hire an attorney - for this type of bankruptcy it will be about $750.00 and they will take care of the filing directly. Or if you would like to file yourself you can gather all the documents I spoke of earlier and go to your local courthouse and file the initial paperwork.

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if you want to go that route - review these - http://smallbusiness.chron.com/bankruptcy-rules-s-corporations-40138.html AND http://www.oregonbankruptcy.com/faq.html

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Those sites will be able to guide you through the process and answer every additional question you have concerning the bankruptcy

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I hope I was able to answer your question and give you the next steps - can you please rate my answer with 5 stars

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Customer reply replied 4 months ago
All except the type of bankruptcy for this type, sub cpt s, is 7, 11, 13 ?

Without knowing a significant amount of information about your company it would be difficult for me to say. An S corp can not file chapter 13. The most common filing is a chapter 7 for an S corp.

The purpose for filing chapter 7 is for liquidating non-exempt assets to pay off unsecured creditors. S corporation assets can be liquidated to pay off creditors, but the process can become convoluted because each shareholder can be held responsible for what passes through the business as income and liabilities.

A debtor can file a Chapter 11 reorganization plan for an S corporation if the needs fit the eligibility of the business. Depending on the financial conditions, what legal actions have occurred and other considerations, the bankruptcy court can potentially force the actions needed to accommodate the conditions.

LegalDan
LegalDan, Attorney
Category: Business Law
Satisfied Customers: 616
Experience: Partner at McCollum Hodgkinson, P.C.
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