If my business partnership corporation files for bankruptcy - whats the effect on my personal finanices?

If you filed under a "business entity" such as a LLP "Limited Liability Partnership" for example you will not be resonsible for the debts of the LLP, but if you signed any agreements making you personally liable then you will be responsible for those debts. If it's a simple partnership, then you are treated as individuals and you are responsible for the debts of the partnership, as you have no personal liability protection afford legal entities such as; LLC, LLP, S-Corp, ect.....  

If the business is a partnership it will have an effect on your personal finances, unless it was a limited liability or limited partnership.  If it was a corporation, even an "S" corporation, the effect is pretty well limited to to effects, which can be positive or negative.  If it is filing for bankruptcy, will this be a chapter 11?  A corporate debtor only receives a discharge in bankruptcy if it is reorganized under chapter 11 and continues in business.  If it is liquidated in Ca 11 or 7, it will not receive a discharge, so most people do not bother with filing a corporation.  If it is a partnership, all of the partners must file or it is treated like an involuntary.  

It depends on what type of legal entity your business is.  If you are a partnership without some form of personal protection (ie incorporation), you may be liable for some debts associated with the business.  However, if, as your question states, you have incorporated, you may still be liable if you personally guaranteed any debts for the business.  If you have not guaranteed any debts for the business, and have incorporated, it is unlikely that filing bankruptcy will have much impact on your personal finances. For more information on bankruptcy visit my website at www.alsobrooklaw.com. This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.