Am I responsible for debt in a s corporation

Question Details: looking at going bankrupt with my business that is a s copr but how will it effect me personally

Asked 10/2/2009 under Bankruptcy | 164 View(s) | More Legal Topics

Are you an attorney? Sign up to answer this question.

Bankruptcy Law Answers

I am a lawyer in CT and practice in this area of the law.  The bankruptcy should not affect your credit personally as the corp is a separate entity.  If you have guaranteed debts of the company that you are seeking to dischage in bankruptcy, the corp will have the debts discharged, but you will still be on the hook.  I suggest that you have a lawyer and accountant involved in the bankruptcy to get advice as to your assets and personal liabilities.

Related Bankruptcy Questions

Didn't find your answer? Ask.

  Top Ranking Attorneys

Sign Up Today! Are you a lawyer?
Want to be featured here?
Sign up for a free profile and get started today! Click Here

More Questions Like This...

AttorneyPages.com