In Chapter 7 bankruptcy, your "estate" consists of all assets that are subject to seizure by the court-appointed trustee, who will sell these assets to repay your creditors. In a Chapter 13, the trustee sets up a repayment schedule, which will allow you to discharge your debts after paying...
Furthermore, in the event of bankruptcy of such a custodian, our digital assets held by that third party could, depending on the manner in which such assets are held, be considered the property of the bankruptcy estate and we could be treated as a general unsecured creditor in bankruptcy ...
Incorporating as an S corp is complicated. Follow these S corp requirements to stay on the IRS’s good side and keep more of your income.
Shareholders in S corps enjoy limited liability protection. If the company is sued or declares bankruptcy, for example, the personal assets of shareholders are out of reach to creditors and litigants. Avoid double taxation S corps are pass-through entities—that is, corporate profits and losses ...