It’s a possibility that the bankruptcy court technically can take over your shares of a corporation or your percentage ownership of an LLC. The question is really how much property is owned by that corporation and what the value of that corporation is and the percentage of ownership that you have. Whatever that value is, is technically your personal property and you have to account for that just like the rest of your personal property.
The Emotional Toll of Bankruptcy on Families
Bankruptcy is a difficult and often emotional experience for anyone, but when families are involved, the impact can be particularly challenging. The financial strain, uncertainty about the future, and the stigma associated with bankruptcy can take a severe toll on the...