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Labels: bankruptcy
posted by Questions @ 8:08 PM
Posted on Thursday, August 07, 2008
If you declare personal bankruptcy and you are a co-owner of a company that has been in business less than 1 year, how does it affect the business?
1 Comments:
At 12:33 PM,
Barton Goth, CIRP, Trustee in Bankruptcy said…
Normally speaking what must happen is the business must be valued and 50% of the value of the business (the half that relates to you) must be realized on by the bankruptcy.Now this could be pretty simple. For instance, if you have more debts in the business than assets, nothing must be realized, but the more value the business has the more that you would be allocated to the bankruptcy estate.
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