Hi - my name is XXXXX XXXXX X'X a Bankruptcy and Consumer Protection attorney here to assist you.
Were you personally liable for your business debts? If yes, were those business debts included in your personal Bankruptcy, so that your personal liability for those debts was discharged in your Bankruptcy?
Yes, loans had a personal guarantee. All personal and business loans ( with or without a personal gurantee) were listed on the personal bankrutcy. I did not have much personal debt. We sold our home and turned over the proceeds to help to pay business debts. All debts were discharged.
Thank you for your response.
Since your personal liability for your business debt was dischared in your Bankruptcy, your business creditors cannot take any personal assets from you.
This includes real estate.
Thank-you very much. This has been a nightmare for us. We were in business for 19 years. Our customers did not pay us so we could not pay our business loan.
You're welcome! And I do understand your frustration, as I was in a similar predicament around 15 years ago.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).