Question We owed a plumbing/contracting company that we had to close and we essentially allowed it to "die on the vine." We had almost a million in business debt that we had to walk away from. We had to file personal bankruptcy to be personally relieved from the debt burden of our company guarantorships approximately 3 years ago. My question is, we are considering the idea of opening a new company. It will be a similar type plumbing company in structure and I was wondering if we are the principals in the new company, if any past vendors that we owed money to would be able to legally attach themselves to the assets of the new entity in any way. Old company was an S-corp and new company would probably be the same. Any help would be sincerely appreciated!
Answer You should be protected under the bankruptcy laws, so no I would say that no one should be able to come after you. Also since the new company will be filed under new articles of corporation that also protects you. I think one of the main things is to set you corporation up in a completely different name. Good luck with your new venture!
Gary Lee Gammenthaler
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Thank you so much for your response. I really appreciate it!