Legal Question in Bankruptcy in Illinois
bankruptcy
Are assets in a scorp protected if the sole officer/owner goes bankrupt on a personnel level? This is in Illinois.
Asked on 5/09/09, 10:07 pm
1 Answer from Attorneys
John Steele
Steele Law Firm
Re: bankruptcy
Absolutely depends on the situation. At first blush, yes. But creditors can "pierce the corporate veil" and attack the assets of the scorp if they can show that the owner placed his assets in the scorp to hide them, or under several other theories.
Answered on 5/10/09, 8:42 am
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