FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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part ownership in business

I am a part owner in a business that has properties for assets. I may need to go bankrupt how will this effect the other shareholsers in the company and the assets that the company owns. Also how may this affect my wife and our house we may have a small amount of equity in our house?
Thank you

Posted from: British Columbia

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One Response to “part ownership in business”

A licensed trustee said...

The shares you own in your business are an asset that will be signed over to your trustee if/when you file for bankruptcy. If the shares have any real value your trustee will try to sell them – the first place he’ll ask is your other business partners.

The house is treated in the same way. If there is equity in the house then your trustee will be required to turn that equity in to cash (for the benefit of your creditors).

You’ve got enough different things going on that you really should contact a local trustee directly. After you sit down with someone things should be clearer.