Personal Bankruptcy but co-own small corporation with 3 siblings and their spouses.?
admin | Mar 30, 2010 | Comments 1
My parents own about 1/8th of a corporation that includes a link of rental properties and the family tree store. Unfortunately they are looking at filing personal bankruptcy but they don’t want it to affect the rest of the family tree. Will the bankruptcy take their Business assets too or will they make to keep them?
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Filed Under: Bankruptcy
Your circumstances are far too complex for a simple answer. Without knowing the values of the various business assets, the amount of debt owed, the type of debt owed, the state in which your parents live, and the locations of the business assets, no one can hope to give you sound advice.
All we can honestly state is that the parents’ share of the business assets are exposed to their creditors