Personal Bankruptcy and Company Bankruptcy

Posted on Wednesday, June 21, 2006

My husband is a principle in a company. How does declaring bankruptcy effect him in his company being a principle?

1 Comments:

At 12:15 PM, J. Douglas Hoyes, CA, Trustee said…

It depends on what you mean by "principle". If the company is incorporated and he is a shareholder, he would lose his shares in the company when he goes bankrupt. If he is a manager in the company, he probably won't be effected. For a complete answer, feel free to contact us and we can explain your options in more detail.