-----> I want to get out of the business and clear everything, so my question is: can my c-corporation go bankrupt with this account and all my other creditors?
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I own a small food takeout operation that I am closing now. It was trying to sell my business and recipes as my last alternative. I had someone offer me 17k for my recipes and operations to open their own business elsewhere. We talked and he issued me two separate checks to deposit. Until I had the money I told him, he wasn't getting anything from me. I assume, I'd have to wait 3-5 days to allow the funds to be deposited. So I deposited the first one for $7500 and the next day and to my surprise, I checked my online bank acct to see if the funds have cleared. The funds were available, so I thought great and pulled the money out. The next day after that I deposited the $9500 check and did the same thing I did before, checked online to see i the funds cleared. They said only $2k was available and so I took it out. Anyways I found out the checks bounced and since I was able to withdraw the first $7500 then the $2000 I became negative because they bounced. The problem is I spent the money and now I owe the bank and the guy isn't buying apparently. The first problem I have is that I haven't got any clue why the bank would let me take out such a large amount; without having the funds verified. Secondly this puts me in a world of shit because I hae no ability to pay it back. I want to get out of the business and clear everything, so my question is: can my c-corporation go bankrupt with this account and all my other creditors?
Details--------------------->>>>
I own a small food takeout operation that I am closing now. It was trying to sell my business and recipes as my last alternative. I had someone offer me 17k for my recipes and operations to open their own business elsewhere. We talked and he issued me two separate checks to deposit. Until I had the money I told him, he wasn't getting anything from me. I assume, I'd have to wait 3-5 days to allow the funds to be deposited. So I deposited the first one for $7500 and the next day and to my surprise, I checked my online bank acct to see if the funds have cleared. The funds were available, so I thought great and pulled the money out. The next day after that I deposited the $9500 check and did the same thing I did before, checked online to see i the funds cleared. They said only $2k was available and so I took it out. Anyways I found out the checks bounced and since I was able to withdraw the first $7500 then the $2000 I became negative because they bounced. The problem is I spent the money and now I owe the bank and the guy isn't buying apparently. The first problem I have is that I haven't got any clue why the bank would let me take out such a large amount; without having the funds verified. Secondly this puts me in a world of shit because I hae no ability to pay it back. I want to get out of the business and clear everything, so my question is: can my c-corporation go bankrupt with this account and all my other creditors?