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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37824
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I was a 50% share holder of a company that went out of business

Customer Question

I was a 50% share holder of a company that went out of business (administratively closed) last year. Due to significant debt and other circumstances I file a chapter 7 bankruptcy and listed business debts that I guaranteed and received a discharge. Now the company which is insolvent is being sued for some of these debts, what is my personal liability on this, if they were listed on my discharge?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

You have no personal liability. It could be that the creditors think that the corporation has assets that can be reached, independently of you.


Hope this helps.


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