Business chapter 7

[MyDataMyChoice]

S corporation in Rhode Island

Should let it “die” not renew Secretary of State? Or should I file for ch7 for the s Corp...?

I tried to dissolve it however it has you sign under penalty of perjury there are no outstanding debts and since there are I cannot sign that...

I may need to file personally due to some extensive personal guarantees

[pizza1]

I would at this point contact a BK attorney well versed in personal and business BK. They will sometimes offer a free consultation.

[Anonymous]

I am in the same situation. I hope someone her can offer some advice. 

[Anonymous]

I was in the same boat.  With ch.7 bkr and S corp, you most likley have a 

personal gaurantee on your business loans. There might be a few exceptions, 

such as vendors, etc..

So, what I did was file a non consumer ch7. Then I closed the business by not 

renewing the state license.  The debts that are not personally gauranteed will die with corp,

but to be safe include them in the BKR filing.

[MyDataMyChoice]

My state is saying I can’t just let the corporation die I Must dissolve or be charged minimum tax every year $400

And in order to dissolve the Corp can’t owe money u less it files for bankruptcy

[pizza1]

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wrote:
My state is saying I can’t just let the corporation die I Must dissolve or be charged minimum tax every year $400

And in order to dissolve the Corp can’t owe money u less it files for bankruptcy

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This is why I would consult a BK attorney in your area. You can file BK on a business, and not personal, but if you  did a PG some of your credit or loans, you'll be liable for that on a personal side.  Most BK attorneys will do a no fee consultation, and Id definitely consider that you see what your options are.