I have a nevada corporation and the business went under. I owe vendors 11,000.00 can i file for bancruptcy and eliviate the debt ?
Question Details: The corporation was bought from my old boss, he signed a personal guarantee on some of the accounts that were never changed into my name, what happens in that case?
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I am a lawyer in CT and practice in this area of the law. If the company files BK all those debts are retired. if your boss failed to transfer all the debts the creditors will come after him personally. He will have a hard time getting out of the debt as he personally guaranteed it. you will not be on the hook if you did not personally guarantee anything and your credit should not be affected. your old boss on the other hand is goingt to0 be very upset here.
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