I would like to know if I declare personal bankruptcy, will that affect my company (incorporation), and the two vehicles I own through the company (which I pay for monthly)? Will I be able to continue operating my company after the bankruptcy?
Your company's shares will be part of your bankruptcy assets.
If these shares have no value, the trustee may disregard them, and you may be able to keep them.
You will not be able to act as the administrator of this company during your bankruptcy.
Your company's loans, if you are not a party to them, may continue if the terms are met.
This situation can be simple or complex, depending on the specific circumstances.
Only a meeting with a trustee can provide you with clear answers.
If these shares have no value, the trustee may disregard them, and you may be able to keep them.
You will not be able to act as the administrator of this company during your bankruptcy.
Your company's loans, if you are not a party to them, may continue if the terms are met.
This situation can be simple or complex, depending on the specific circumstances.
Only a meeting with a trustee can provide you with clear answers.
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