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  1. #1
    Join Date
    Nov 2006
    Location
    Texas
    Posts
    354

    Default 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

  2. #2

    Default Re: Ch 7 and bancruptcy of a corporation

    Quote Quoting Just Breath
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    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?

  3. #3
    Join Date
    Nov 2006
    Location
    Texas
    Posts
    354

    Default 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.

  4. #4

    Default Re: Ch 7 and bankruptcy of a corporation

    Quote Quoting Just Breath
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    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?

  5. #5
    Join Date
    Nov 2006
    Location
    Texas
    Posts
    354

    Default 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.....

  6. #6

    Default 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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