Business Credit Cards Bankruptcy
Personnel file bankruptcy SCORP keep my business?
I own a beauty salon thats a SCORP, I am the sole owner. With the living room debt and my staff i am bored and in the red cap credit lines and Credit Cards. "I can file bankruptcy on my personal things and keep intact my business?
Yes, you need to see a lawyer. BUT, as a business that is carrying the debt, your personal credit has probably been used to ensure the business debt. Therefore, when personal bankruptcy business credit will be pulled as well. Perhaps there is a way out of debt only which is personally guaranteed business, but the bankruptcy law is a complex disaster now. Most attorneys offer free consultations, gather all your information business and personal, and go talk to one. Know that you are not alone in their situation. Right now my S Corp is the opposite problem. The bank is considering removing a loan we have had and paid more than 7 years (never missed a payment, never been late). If that happens will be our loans for the construction too. That will send us personally bankrupt and we will lose our home too. And the government just keeps giving bank robbers more money and let them destroy our country. Good luck to us all.
Financial English Lesson for ESL: Bankruptcy Vocabulary 1
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