Lake Worth Chapter 13 Lawyer
Are you a small business owner thinking of filing for bankruptcy? Are you worried about how a corporate bankruptcy will affect your personal assets? Are you a business owner who needs help planning your personal bankruptcy?
At the law offices of Alan J. Fisher, we help owners and shareholders of small businesses with bankruptcy issues. From our offices in Boca Raton, Lake Worth and Port St. Lucie, small business bankruptcy lawyers at our firm can help you file a personal bankruptcy or a business bankruptcy. Contact our bankruptcy firm for a free consultation to discuss your debt relief options and how to protect your business interests.
Filing for Personal Bankruptcy As a Business Owner
A corporation is a distinct entity. If a shareholder files for personal bankruptcy, it should not affect the business. However, your shares in the business are an asset of the bankruptcy estate. This means that your shares could be used by the bankruptcy trustee to settle your personal debts, depending on the value of the shares and the assets of the corporation.
How a Business Bankruptcy Affects Shareholders and Owners
If a corporation files for bankruptcy, it will not directly affect the assets of the shareholders, officers or directors. However, if a director or officer personally guaranteed a loan on behalf of the business, he or she may still be liable for that particular debt. This personal guarantee could only be discharged if the officer or director who guaranteed the loan files for personal bankruptcy.
Contact a Lake Worth Chapter 11 Lawyer
Whether you are facing Chapter 7 or Chapter 11 bankruptcy, our attorneys can help you understand your legal options and protect your interests. Contact a Boca Raton, Port St. Lucie or Lake Worth Chapter 11 attorney to discuss how bankruptcy will affect your business and personal assets.
