Can I be a President of a 501(c)(3) organization and file personal Chapter 7 bankruptcy? 6 Answers as of April 29, 2011

I am trying to establish a 501(c)(3) non-profit organization with 2 other partners but I will have to file a chapter 7 soon (due to losing our house and such) Can I be the President of the organization before the actual filing of the Chapter 7? Or is it safer to establish the organization AFTER I've filed Ch. 7?

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Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
You should be fine, but it might just be easier if you file bankruptcy first. It will just be another item to list in your petition and for the Trustee to question you about.
Answer Applies to: California
Replied: 4/29/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Your bankruptcy should have nothing to do with the 503c.
Answer Applies to: California
Replied: 4/11/2011
Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
It would be easier if you wait till after you file and conclude bankruptcy. It is just another thing the bankruptcy trustee will look at if you do it now.
Answer Applies to: Alabama
Replied: 4/11/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
I don't know if there are any rules governing 501(c)(3) organizations that prohibit officers from filing bankruptcy and still holding that position. If there is, it's not a bankruptcy law question, but a corporations law question.

Being an officer of a corporation shouldn't affect a Chapter 7 case in any way unless you are also a shareholder/owner of the corporation, in which case your interest would need to be valued and exempted if you have exemptions available under applicable law to do so. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Answer Applies to: California
Replied: 4/8/2011
Bankruptcy Law Office of Robert Weed
Bankruptcy Law Office of Robert Weed | Robert Weed
You should be ok, but why not be safe and do it after you file.
Answer Applies to: Virginia
Replied: 4/8/2011
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