Originally Posted by
ChipChelios
I don't know much about bankruptcy but wouldn't the courts reject a filing under such circumstances as a case in which the old lady with a Virginia Ham in one hand is crying because she has no bread?
Absolutely not. The BK courts are not reasonable nor are they ethical - they follow the law, however it is written, and the law is not written in favor of mere mortals. Just ask any Mesaba employee who was around for the BK, when Mesaba cried "we don't have any money" while meanwhile having + $100 million stored away safely at the holding company.
That's, of course, how
corporate BK works. Now, with
personal BK (good ol' 'ginny ham in your example), the courts will tell you to give everything you own up to your corporate creditors, and to h#ll with you.