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If a person who owns a business files bankruptcy, will this take away the dept from the company? |
The debts are in the persons name, but also has the companies name on them. What"s the difference between personal and corporate bankrupcy? NO, only your own personal debt. You must file chapter 44 on your business as well It depends on if they are filing personal bankruptcy or business bankruptcy. First off, most bankruptcy attorneys will offer a free consultation so you can meet them, ask questions, and then decide if bankruptcy is right for you. Laws change every year so what I am about to tell you may not be the case any longer. I filed Personal bankruptcy in 2005. At that time I owned 2 businesses. Since my businesses had me as the person responsible for payments my business debts were cleared up to the date that I filed for bankruptcy. It may make a difference if you have a partner not related to you who ownes part of your business. I'm assuming that you are filing personal bankruptcy. Anything with your personal name attached to it means that you have personally gauranteed that loan. If your name is on some business loans for your corporation, that means you personally gauranteed the loan. Now your going bankrupt. The bank can call in any loans with your personal name attached. |
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