Question: I am a co owner of insurance brokerage company(NYS Corp); my partner who holds 50% ownership of it is about to file Chapter 7. Will it cause any damages to the corporation? What are the options that I can take?
Answer:
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When filing for bankruptcy, the corporate stock owned by a debtor (the person who files for bankruptcy) will be considered an asset that can be liquidated (taken) by the trustee assigned to the case. If the brokerage has no value then the value of your partner's 50% will be $0. It all comes down to valuation, so you and your partner will likely want to get the business valued before he or she files for bankruptcy.
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