Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
1.) I first open it up as a corporation but didn't pay the necessary fees to keep the corporation open.
2.) No, there are no assets
3.) I am not sure if I gave a personal guarantee or not. I just checked my credit report and it is not showing up on the report which at this point I am not sure if that matters or not.
The business was closed over 3 years ago but Ive been paying the minimum monthly payments. I have been a HORRIBLE records keeper
If you have not personally-guaranteed this loan, then if you file a business Bankruptcy, that will not affect your personal credit report or your personal credit score.
Additionally, if you did not personally-guarantee this loan, and if your business has no assets, there is nothing the lender can do to you if you stop paying - whether or not you file a Bankruptcy.
However, if the business has no assets, and if the business is already closed, there would be no benefit to filing a business Bankruptcy.
You should be able to find out from the lender whether or not you personally guaranteed the loan.
I think this is what you wanted to know. If not, please let me know.Thank you.
According to the lender, I did personally guarantee this loan. I am asking for the original application to verify my account. If I need to file bankruptcy, how long does that stay on my credit report?