After Chapter 7 is discharged is company gone and no longer exist or is it still a company that can own property?
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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 10 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.
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