Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
I have had many clients in the bind you are in.
A business bankruptcy will not relieve personal guaranties.
To be relieved of your personal obligations you would have to file a personal bankruptcy. Your business debts and personal guarantees for them will not appear on your credit report.
You should id all assets and then determine their value and whether they have equity. Once equity is determined you then must determine if it is protected by your available bankruptcy exemptions. You should also identify and include all debts, business and personal. Last will be the issue of your expenses and income.
Your ability to obtain future commercial loans is already damaged regardless of whether you proceed with a bankruptcy.
Your focus and goal should be to start over with a clean slate. Your credit is already unfortunately damaged and it is a matter of rebuilding rather than preserving. I strongly recommend retaining an experienced bankruptcy attorney to ensure as much debt as possible is discharged and all of your assets are protected.
I hope this is helpful. Good Luck.
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