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Law Girl
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Category: Bankruptcy Law
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If my business goes bankrupt and I have no income. What happens

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If my business goes bankrupt and I have no income. What happens to my credit card debit for me personaly and for the business cards
Submitted: 8 years ago.
Category: Bankruptcy Law
Customer: replied 8 years ago.

miami, Florida
Expert:  Law Girl replied 8 years ago.

Thank you for your question. I am sorry to hear about your tough financial situation.

 

If your business goes bankruptcy, you may be able to get the business debt that you did not personally guarantee discharged. In the event that you did personally guarantee the business debt, you may be sued personally for that debt. In which case a judgment may be obtained against you. Such a judgment may be satisfied by attaching to your personal assets.

 

In the event the business declared bankruptcy that has no bearing on your credit card debt. You would still be responsible for paying your personal debt unless you were to personally declare bankruptcy.

 

Please let me know if you have any other questions, or require clarification. Otherwise, please hit "ACCEPT", so I may receive credit for my efforts.

 

Good Luck!

Customer: replied 8 years ago.
What you are saying that if include personal bankrupcy along with the business, I am not liable for the credit card debit.
Expert:  Law Girl replied 8 years ago.

If you are trying to get out of business debt and personal credit card debt you may need to claim bankruptcy in both areas.

 

Business bankruptcy will only affect business debt and does not wipe out business debt that has been personally guaranteed.

 

Personal debt is unaffected by business bankruptcy. As such, if you are trying avoid your personal debt, you would either have to pay this debt, enter into some sort of settlement with your creditors or enter personal bankruptcy.

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