Legal Question in Bankruptcy in Florida
Scorp and Bankruptcy
My husband and I have an SCorp and we owned a Curves gym. last month we closed our doors due to revenue not coming in and we were so far in the red. If we claim Bankruptcy will it effect our personal credit and does it protect us from the frnachise coming after us for the moneys with the remianing years to our franchise agreement.
1 Answer from Attorneys
Re: Scorp and Bankruptcy
It depends on whether you personally guaranteed the franchise agreement with the franchisor. I would recommend that you see a bankruptcy attorney, bringing all your agreements, franchise & lease etc... to determine whether you have any personal obligations under those agreements. The S Corporation may only protect you if all liabilities are solely in the corporate name.
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