What liabilities will I have in bankruptcy? 3 Answers as of October 26, 2010

I am a 20% shareholder in my company, but I have just resigned from my position to go work elsewhere. I still own my 20% of shares but want to sell them. The company will buy about 7% and I would like to sell the other 13% of them and file a chapter 7 bankruptcy. The total amount of cash I would receive would be $11,700 of which I would use to pay back money I borrowed from people and get my mortgage caught up. What liabilities will I have and what liabilities will the company have and how long do I need to wait before filing?

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Not sure I completely understand your question, but the Trustee in a Chapter 7 case can sue to recover anyone you repay more than $600 to in the 90 days prior to filing your case. If it's a family member, it's 12 months prior to filing your case.
Answer Applies to: California
Replied: 10/26/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
You need to consult an attorney about the impact to your case from selling your stock. You should have plenty of exemptions to protect the sale proceeds but I don't know what other assets you have.
Answer Applies to: California
Replied: 10/25/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
This is complex enough and there are enough permutations that you should spend the money to hire a bankruptcy attorney who can write you either a very lengthy opinion letter or spend an hour or so going over the various options.
Answer Applies to: California
Replied: 10/25/2010
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