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Asked 8/10/2011

Can we still file bankruptcy

Once the judgement is made on the corporation and my bank account frozen can we still file bankruptcy

 
 
 
 
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Answer 1/1 - Submitted 8/11/2011

Modern bankruptcy laws require counseling before you can file. Also, they make the filing difficult in that many forms and documents are required. Usually, people must use a bankruptcy specialist, but fortunately so many of them have sprung up to take on these tasks that the fees often are not too bad.

You can go ahead and file. You would list the judgment against the corporation, and the fact that your account has been frozen already (to pay the judgment presumably). You have to list all income, expenses, assets, property, businesses, and everything else bearing on finances.

The bankruptcy court would sort everything out and designate who gets what, but a judgment against you in a court of law, which is as yet unpaid, would take precedence over just about anything. You might want to pay off the judgment (unless you can't) and then file. It would make matters simpler.

Consult a local bankruptcy assistant or attorney for the best advice, as you already seem pretty well committed and resigned to the fact that you're going down (to bankruptcy court, that is).

 
 
 
 
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