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Can state go after personal property if your corporation declare Bankruptcy?

In: Bankruptcy Law [Edit categories]

Answer:

I gather you mean YOUR personal assets, not personal (rather than real) property of the company.

If a Corporation goes BK, as a stockholder, you are pretty much protected from any of the corporate liabilities.

As a corporate officer, you can be liable for some certain debts, and of course any debt that was incurred fraudualently or by not complying with the law. Specifically, and ones that are always looked for and will be pursued personally against officers/responsible parties, any sales tax or payroll tax obligation that wasn't paid. These are trust funds - that is money the Co/officers - were holding in trust for the Government - and as such, mishandling them is criminal and will not be given protection by BK.

If it can be shown that the Corporation was simply your alter ego...and didn't really have any substance.....it may be ignored for other things.

First answer by IamLostRU. Last edit by IamLostRU. Contributor trust: 1566 [recommend contributor ]. Question popularity: 0 [recommend question].

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