Starting Company During Active Bankruptcy

[Anonymous]

Hi All, 

I filed for bankruptcy 11/4, with me creditor meeting on 12/9. 

A friend of mine reahced out to start a business, he would be fronting all the money, and I would own a portion of it, and a small salary. 

Will the trustee be able to come after my shares in this new company, or does it not matter as the bankruptcy has already been filed?

[despritfreya]

In a Chapter 7, with a few exceptions that appear not to apply to your inquiry,  post petition assets are not property of the estate - the Trustee has no interest in them unless they were acquired using a pre petition asset.

In a Chapter 13 post petition assets ARE property of the estate.  You need to discuss with an attorney.

Des.

[kr43002]

When I had filed, I also filed my articles of incorportation for my C corp like 3 weeks after filing. I mentioned it in the 341 and the trustee did not care. I explained what the C Corp was and where it came from, as it basically just was a convertion from my Sole Prop.

The Trustee did not care, as it wasn't removing any assets from my estate and there wasn't anything of value in the company.

But as always, YMMV, every district and trustee will go about things differently. it is best to approach an attorney with this question to ensure red flags aren't going to be raised by the trustee.