Legal Question in Bankruptcy in Florida

''S'' Corp and Bankruptcy- Does it affect me personally?

A hypothetical situation. I and a partner have an ''S'' corporation and currently the only assets we have are computers, phone, fax etc.. If in order to grow the business, we take out a $100k loan, then in 1 year we are not where we'd thought we'd be, what are the ramifications of filing bankruptcy? Are we personally protected? What would happen if we couldnt pay the loan back and filed bankruptcy, could they come after our personal assets? Suchas my home, car? Thank you!


Asked on 7/01/04, 6:31 pm

2 Answers from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: ''S'' Corp and Bankruptcy- Does it affect me personally?

I prefer not to reply to what if questions. You are invited to call for a consultation. If you are a corporate entity, then all the protections that are attendant to such status are unaffected by the S election.

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Answered on 7/01/04, 6:38 pm
Carol Lawson Carol A. Lawson, PA

Re: ''S'' Corp and Bankruptcy- Does it affect me personally?

If you sign a personal guaranty the debt yes, they can go after you.

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Answered on 7/01/04, 7:06 pm


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