After Chapter 7 is discharged is company gone and no longer exist or is it still a company that can own property?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
After Chapter 7 is discharged is company gone and no longer exist or is it still a company that can own property?
A tenant filed Chapter 7 and I found out that the owner’s personal home was in the company’s name, not the owner’s. Now, after the discharge, the property is still shown to be owned by the company in the county tax records.
Asked on June 15, 2013 under Bankruptcy Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Chapter 7 bankruptcy does not dissolve a company: it liquidates the assets to pay creditors, but does not necessarily terminate the corporate existence. Therefore, while the company may have recently been terminated (too recently to be reported in the tax records, for example), it could certainly still be in existence--and able to own property.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.