Castanet

How can a company or individual declare bankruptcy and still belong to the Westbank Yacht Club waiting for a moorage for his boat. What a joke! Screw the honest people that`s for sure!

missed the punch line

You are getting at something with your post (the OP)
Why not spill the beans now and say what's on your mind.
Otherwise, the answer to your question is:
I guess they have some assets and their priority is their boat and yacht club membership. Maybe this is an indication why they are bankrupt. Bankruptcy does not mean that a person has nothing left. Just that they cannot or choose not to pay their creditors.

You can pick and choose what's included in your bankruptcy and what isn't.

The only way that this could have happened is if that his Company was issued under Corporation and not sole-proprietor. Corporation would be filed bankrupt but protects the owner from any further damage. Under sole-proprietor your liable for everything.

So that means the boat is under his name and not under the corporation.

I quess I thought when you declared bankruptcy you would have to sell a frivolous thing like a boat to pay people you owe money to. I am burned for money paid for a service not provided and because he or they have declared bankruptcy. This is because I am considered an unsecured creditor according to a consumer protection agency.

Are you discussing a story of some sorts? Any link to it?

No I`m just venting. I was burned and can`t believe this person, persons company can just walk away from their debts to people. I paid a deposit for a service 10 months ago and was working with a consumer protection agency to get the guy to pay and now I`ve been told he has filed for bankruptcy and as an unsecured creditor I will not fare very well in seeing my money again. I`ve dealt with contractors before and have never had any problem until now. It looks like his wife is starting a new company, they still have their boat and I can`t get my money back. I just don`t get it.

That is why you set up a Ltd or Inc company so that if you do go bankrupt your personal assets and other companies that you own are not liable . Sorry you go burnt.

db54 wrote:No I`m just venting. I was burned and can`t believe this person, persons company can just walk away from their debts to people. I paid a deposit for a service 10 months ago and was working with a consumer protection agency to get the guy to pay and now I`ve been told he has filed for bankruptcy and as an unsecured creditor I will not fare very well in seeing my money again. I`ve dealt with contractors before and have never had any problem until now. It looks like his wife is starting a new company, they still have their boat and I can`t get my money back. I just don`t get it.

As the previous poster explained, that is why they set up the company.
Legally, you did not deal with the person you are referring to. A company is, legally, a person. I presume your dealings are/were with the company, even though the boat people were the names and faces of said company.
If there wasn't a limited company (you are unclear as you bounce between referring to a company and then she/he), then there is a fixed amount of money in the personal pot and the secured creditors get paid first. They may have the boat in another name.

Some people have this as a strategy in their business dealings and plan for winding up each company after a specific construction project.

Am I getting this right, can the guy use the money from his business to buy boats and yacht club memberships and such, then declare bankruptcy on his business, keep everything personal like boats and such, then re-open a business under his wife's name?

I refer to it as a company as the contract I signed was with a roofing company with the guy and his wife`s name as co-owners of said company. I assume you are right in saying this is how it is set up to move on and do this again. Thanks

He`s declared bankruptcy amd I am waiting to see if it is personal, on his business or what.

Going bankrupt is a public affair. If you're really ticked off at him, then maybe you should publish the company's name to let others know. Guys like that will probably restart another business and information like that would be very helpful to future customers.