Do I need a CPA before my company files for bankruptcy? 11 Answers as of July 17, 2013

We are concerned about piercing the corporate veil. We have not co-mingled money but I have had to pay debts over the course of this year for the company. Otherwise, we have bylaws, franchise tax and meeting notes in good standing.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Law Office of Harry L Styron
Law Office of Harry L Styron | Harry L Styron
You should consult a bankruptcy attorney regarding this question, which depends on details which you have not given.
Answer Applies to: California
Replied: 7/17/2013
Apple Law Firm PLLC
Apple Law Firm PLLC | David Goldman
No, but its a good idea to have a CPA for any business.
Answer Applies to: Florida
Replied: 7/21/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
The veil is pierced because of insufficient capital in the beginning and treating the corporate account like a personal account. If all you did was put money in, you will be ok. If you took significant sums out, have a CPA or lawyer look at it.
Answer Applies to: California
Replied: 7/21/2011
Engberg Law Office
Engberg Law Office | Harry A. Engberg
In a Chapter 11 you must propose a viable business plan. This plan is in great detail. I would recommend that you have a CPA hired before filing. He must understand what you are going to do before hiring..
Answer Applies to: South Dakota
Replied: 7/21/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
It is best to have your accountant work together with bankruptcy counsel. Tax issues are the province of the accountant. Final returns need to be done and the corporation needs to be closed with the Secretary of State. Individual liability will exist if assets have been co-mingled. There may be accounting solutions.
Answer Applies to: California
Replied: 7/21/2011
    Law Offices of Michael J. Berger
    Law Offices of Michael J. Berger | Michael J. Berger
    There is no requirement for any debtor to have a cpa before filing a bankruptcy petition. Whether or not it would be useful depends on the specific facts of your case. I suggest that you consult with your bankruptcy attorney.
    Answer Applies to: California
    Replied: 7/21/2011
    Florio Law Firm, PLLC
    Florio Law Firm, PLLC | Amber Morgan Florio, Attorney at Law
    Hiring a CPA is not required, but may be recommended. You must have all business tax returns filed and accounted for prior to filing. You will also need detailed profit and loss statements for the business. If you have these items and have kept your records to date, then a CPA is not needed. If you do not have these items and can prepare them yourself, a CPA is not needed. However, you may wish to consult a CPA, as any IRS debt that is owed, or will be assessed, is generally non-dischargeable.
    Answer Applies to: Texas
    Replied: 7/21/2011
    Fears & Nachawati Law Firm
    Fears & Nachawati Law Firm | C. Bryan Fears
    Just because you do not have a CPA does not mean that you cannot file for bankruptcy. If you have unfiled tax returns, it is advised to file those prior to filing for bankruptcy.
    Answer Applies to: Texas
    Replied: 7/21/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    You should have a bankruptcy lawyer who's familiar with corporate bankruptcy. Corporations don't receive a discharge of debts, buy there are reasons to file and alternatives to filing.
    Answer Applies to: Virginia
    Replied: 7/21/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    In many cases, a company should NOT file for bankruptcy. It may simply close it doors if it is judgment proof anyway. With small businesses there could be issues of personal liability so what you actually need to do is see a lawyer, not a CPA, and discuss what actually should be done.
    Answer Applies to: Georgia
    Replied: 7/21/2011
Click to View More Answers: