How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

I am considering Chapter 7. In addition to a lot of personal

This answer was rated:

I am considering Chapter 7. In addition to a lot of personal debt I also have loans that I have inside of a Sub S corporation of which I am a 50 % owner. I have personally guaranteed the loans. The loans are in the name of the corporation, but I personally guaranteed the loans. How will Chapter 7 effect this debt? Will Chapter 7 work in this situation?
The chapter 7 will wipe out all debts that are on your name, regardless of the actual owner, the corporation will not be dissolved only assets and credit that you have personally guaranteed and liable for are going to be discharged.
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.
Thank you.

Related Bankruptcy Law Questions