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Chapter 7 and bankruptcy of a corporation

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  • 01-26-2007, 08:12 PM
    october20052005
    Chapter 7 and bankruptcy of a corporation
    Do I understand correct that corporations can file for bancruptcy?
    What if a person bought an asset in his/her own name and then transfered it into a corporation? Will the person (corporation) have problems filing for CH 7?


    Is there any good, reliable info out there, may be websites or books?
    thank you in advance
  • 01-26-2007, 08:43 PM
    Just Breath
    Re: Ch 7 and bancruptcy of a corporation
    Any transfers made within 90 days of filing for Ch 7 may be found as an avoidable transfer....upon a motion to the bankruptcy court by the Ch 7 trustee, the court may order that any payments or transfer of assets you made to your corporation must be repaid to the bankruptcy estate.

    http://www.lawdog.com/bkrcy/bkcp7f.htm
  • 01-26-2007, 10:28 PM
    october20052005
    Re: Ch 7 and bancruptcy of a corporation
    Quote:

    Quoting Just Breath
    View Post
    Any transfers made within 90 days of filing for Ch 7 may be found as an avoidable transfer....upon a motion to the bankruptcy court by the Ch 7 trustee, the court may order that any payments or transfer of assets you made to your corporation must be repaid to the bankruptcy estate.

    http://www.lawdog.com/bkrcy/bkcp7f.htm


    I am sorry, I should have stated in my first post that the transfer actually was 1 year prior to the filling for bancruptcy.
    So, would there be a problem if the business was acquired under a person's name, but then transfered to a corporation 1 year prior filling the bancruptcy?
  • 01-26-2007, 11:31 PM
    Just Breath
    Re: Ch 7 and bankruptcy of a corporation
    According to the link I sent you:

    If the transfers involved insiders, which include relatives, general partners, directors or officers of the debtor, the trustee or debtor in possession may "avoid" or cancel such transfers if they were made up to one year prior to the bankruptcy filing.
  • 01-27-2007, 06:54 PM
    october20052005
    Re: Ch 7 and bankruptcy of a corporation
    Quote:

    Quoting Just Breath
    View Post
    According to the link I sent you:

    If the transfers involved insiders, which include relatives, general partners, directors or officers of the debtor, the trustee or debtor in possession may "avoid" or cancel such transfers if they were made up to one year prior to the bankruptcy filing.

    no, transfer does not include anybody else but me.
    Transfer from myself to my own corporation, 1 year prior to fillinng the bancruptcy.
    Will it be considered a bussiness bankruptcy?
    Or they still might come after me as an individual, since the bussiness was acquired in my own name?
  • 01-27-2007, 08:05 PM
    Just Breath
    Re: Chapter 7 and bankruptcy of a corporation
    a corporation has officers and directors....are you not an officer nor director of your corporation?

    If you want accurate advice for your particular situation, you need to contact local bankruptcy attorney who specializes in business bankruptcy for a consultation.....
  • 01-28-2007, 03:19 PM
    october20052005
    Re: Chapter 7 and bankruptcy of a corporation
    Quote:

    Quoting Just Breath
    View Post
    a corporation has officers and directors....are you not an officer nor director of your corporation?

    If you want accurate advice for your particular situation, you need to contact local bankruptcy attorney who specializes in business bankruptcy for a consultation.....


    thank you Just Breath.
    I will seek a help from an attorney, but before I go I wanted to know as much as possible on the matter.

    P.S. I don't think managers, officers and owners of the corporation would be personaly responsible for the bankruptcy of a corporation, would they?
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