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.

Glenn A. Brown, Esq.

Attorney Glenn Brown and the Real World Law team provides legal protection to homeowners and businesses in eminent domain and condemnation actions, commercial and residential real estate closings, and other litigation matters. If you're a property owner in need of legal protection, contact our law firm. We've two convenient office locations, serving communities in and around Upper Darby, PA and Wilmington, DE.

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