Legal Question in Bankruptcy in Florida

Personal CH-7 and S-Corporation

We are considering CH-7. Is it required that the assets of the corporation be listed? As example. Four years ago I built a computer system and then gave it to my corporation a year ago when the corp. was formed. Corporation lists it as an asset. Thankyou


Asked on 11/12/97, 8:26 pm

1 Answer from Attorneys
William W. Fernandez, Sr., J.D. Law Ofc. Wm. W. Fernandez, Sr., J.D., Atty. at Law

Fla. Personal CH-7 and S-Corp.

You will have to list the corp. stock as an asset in your schedules. The trustee will then inquire and will probably ask you to give a financial stmt.; tax returns; list of assets; etc. for the corp. If the corp.stock has value, the trustee can get to the assets in the corp. unless you can claim the stock as part of your exemptions.

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Answered on 11/13/97, 8:45 am


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