Asked 1/4/2011
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Can a 501 C (3) corp file for bankruptcy A corp owes me $300000.oo in loans. They said that if I caused problems for one of the attorneys on the board of directors, who is taking money, he would have them file bankruptcy so that I would never be paid. Is this legal? Isn't he suppose to serve in a voluntary position? |
Answer 1/2 - Submitted 1/4/2011
What do the loans documents have to say as far as what they used for collateral? Please don't tell me you didn't secured $300K without collateral.
In answer to your question, yes they can file bankruptcy but if they do to get out of the repayments of the loans, your lawyer might go after the board of directors under the "piercing the corporate veil" statute. Before you push see your attorney for back up. Any attorney can suggest the corporation file for bankruptcy but the IRS will come down on them harder than a steel ball if their annual reports indicate the got money and no liabilities.
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