Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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.
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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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