Legal Question in Bankruptcy in Georgia
I own a business and have some business debt in the business name and me as the guarantor then I have business debt in only my personal name can I bankrupt on both without hurting my personal credit?
3 Answers from Attorneys
Of course your personal credit will be harmed severely if you don't pay your debts. That is the purpose of your credit score.
When you sign a personal guarantee you are obligating your pertsonal self on your business debt.
A bankruptcy will affect your credit. How and how much depend on the facts of your case. Feel free to call me to discuss filing bankruptcy if you are in or near metro Atlanta.
If you file a business bankruptcy, you will still be personally liable on the debt. It sounds like you will need a personal bankruptcy. All debt that you are personally guaranteed on has to be included in the bankruptcy. Filing the bankruptcy will be just as harmful as not paying your debt on your credit score. I would be more than happy to discuss this farther with you.
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