Legal Question in Bankruptcy in California

S Corp Bankruptcy and Debt

I own a 1 year old S Corp, and I am

the only employee, and due to the

economy and expenses, I am dissolving the company and may

have to declare bankruptcy. I owe a

few creditors outstanding invoices

that I can not pay. Will bankrupting

the company protect me personally

from having to pay back the debt or

the creditors coming after me for

payment? Thank you!


Asked on 3/07/09, 12:01 am

1 Answer from Attorneys
Charles Shamash Caceres & Shamash, LLP

Re: S Corp Bankruptcy and Debt

Depends on whether you have personal guarantees. A further analysis is needed. You may have to file personally however to be protected properly. Good luck.

Read more
Answered on 3/07/09, 12:05 am


Related Questions & Answers

More Bankruptcy Law questions and answers in California