QUESTION

if I file a corportate bankruptcy do I have to file a personal as well since I maxed out credit cards to fund business?

Asked on Sep 04th, 2012 on Bankruptcy - Minnesota
More details to this question:
20 year old company and current on all bills but can't afford high interest of maxed out cards..
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Bankruptcy Attorney serving Burbank, CA
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A corporate bankruptcy filing will only affect the corporation's obligations on its debts.  It does not affect any other entity or person, including yourself.   Of course, if you have personal guarantees on corporate debts, and the corporation pays 100% of those debts in its bankruptcy case, then in that instance your liability would be removed. You should also note that corporations do not receive discharges of debts in Chapter 7 cases (which is what would be filed to go out of business).   Visit http://www.bklaw.com/business_bankruptcy.html  for more information. Whether you would need to file a personal bankruptcy can only be determined after a comprehensive analysis of your finances by an experienced bankruptcy attorney. Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter:  @bklawr
Answered on Sep 05th, 2012 at 3:01 PM

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