Comments on: Bankruptcy Myths: You’ll Lose Everything You Own If You File Bankruptcy http://www.oklahoma-bankruptcy-attorney.com/bankruptcy-myths/bankruptcy-myths-youll-lose-everything-you-own-if-you-file-bankruptcy/ Oklahoma's trusted source for accurate and reliable information about consumer bankruptcy. Written by Tulsa bankruptcy attorney Dan Nunley who helps Oklahoma consumers and small business owners get relief from serious debt problems through Chapter 7 and Chapter 13 bankruptcy. Thu, 02 Sep 2010 14:43:02 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/bankruptcy-myths/bankruptcy-myths-youll-lose-everything-you-own-if-you-file-bankruptcy/comment-page-1/#comment-3874 Dan Nunley Fri, 30 Apr 2010 22:21:50 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=650#comment-3874 Teresa, In bankruptcy, the trucks will be considered an asset of whoever is listed on the motor vehicle titles. If the motor vehicle titles reflect the S corp as owner, the vehicles may indeed be protected but if the S corp's balance sheet is in the black, you may still have an asset that you can't protect. This is because you must disclose all of you personal assets when you file bankruptcy, and one of your assets will be your ownership interest in the S corp (assets minus liabilities in my opinion) and that ownership interest would not be exempt. Dan Nunley Teresa,

In bankruptcy, the trucks will be considered an asset of whoever is listed on the motor vehicle titles. If the motor vehicle titles reflect the S corp as owner, the vehicles may indeed be protected but if the S corp’s balance sheet is in the black, you may still have an asset that you can’t protect. This is because you must disclose all of you personal assets when you file bankruptcy, and one of your assets will be your ownership interest in the S corp (assets minus liabilities in my opinion) and that ownership interest would not be exempt.

Dan Nunley

]]> By: teresa http://www.oklahoma-bankruptcy-attorney.com/bankruptcy-myths/bankruptcy-myths-youll-lose-everything-you-own-if-you-file-bankruptcy/comment-page-1/#comment-3858 teresa Wed, 28 Apr 2010 22:28:54 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=650#comment-3858 We have a S corporation and the business trucks have been depreciated through the corporation as an Investment credit, would this equipment be considered an asset of the business, and be protected in a personal bankruptcy.? We have a S corporation and the business trucks have been depreciated through the corporation as an Investment credit, would this equipment be considered an asset of the business, and be protected in a personal bankruptcy.?

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