Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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Your personal guarantee if in your name only, would make you personally liable for any debt the S Corp has, that was guaranteed, the S Corp filing bankruptcy in no way helps you, as you are still personally liable
What if I file for personal bankruptcy because I could not afford to pay? Am I still on the hook? What assets can it go after?
if you file a personal bankruptcy than all your obligations are discharged,
you would not ow anything,
The creditors of the corp would have to sue you personally and than they could collect on you, typically through a wage garnishment,
or lien on property
If you have any further questions please do not hesitate to ask
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