How will your personal bankruptcy affect your corporation?

Your corporation is considered a separate entity. Therefore, if you file personal bankruptcy it will not affect your corporation as a whole.  However, if your personal shares of the corporation are considered your personal assets, those shares could be liquidated as part of your assets, and the proceeds from the sale would be used to repay your creditors.

Your corporation is considered a separate entity. Therefore, if you file personal bankruptcy it will not affect your corporation as a whole.  However, if your personal shares of the corporation are considered your personal assets, those shares could be liquidated as part of your assets, and the proceeds from the sale would be used to repay your creditors.

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