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Corporation

I am a 100% owner of a corporation, which is in dept of a couple thousand dollar, at the same time, I am thinking of declaring a personal bankrupcy. I know somebody, who would buy this corporation of mine. He would not give me money for the company, but cover the owings of the company, and take over the ownwrship of my company.
Question: Would that be ok to sell my company to him before I declare personal bankrupcy or this is a no-no?
Thank you

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One Response to “Corporation”

A licensed trustee said...

As long as you “sell” the company or its fair market value you won’t get into trouble – the difficulty (of course) is determining what that fair market value is. Talk to your accountant and lawyer before you proceed – you may also want to speak to a trustee to make certain you won’t create any problems for youself later.