Legal Question in Bankruptcy in Illinois

I am looking for an attorny. I own a business, S corp. I owe a large amt on a credit line that I took out under my business and I have personal debt under my name. Would I be able to include the credit line under the bankruptcy for myself along with my personal debt since the credit line is tied to my ssn? How would filing bankruptcy affect my business and it's assests?


Asked on 1/21/10, 5:27 pm

1 Answer from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

As in many areas of law, the answers depend on the specific facts.

You would be able to include any personal debt or guarantees (anything tied to your ssn)

How it would affect your business would depend on the entity setup and the specific assets.

You might have to file the case as a chapter 13 if you had a large amount of assets to protect.

Email me and I can send you the bankruptcy package.

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Answered on 1/26/10, 8:10 pm


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