Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi - my name is XXXXX XXXXX I'm 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.