Legal Question in Bankruptcy in Maryland

Ok. I am a member and own a franchise restaurant (LLC) in MD. We are thinking of chapter 7. I know any leases holders or credit card debt cos can go after the the person in whose name the lease or credit was taking out but will all other business debt be removed (vendors, etc..)? Also, can the Chapter 7 filing go against an individual`s members credit record (let`s assume the credit card debt is handled individually)? This is all the information I need at the moment. I am most concerned if the Chapter 7 filing could be used against my and my wife's personal credit record? Thank you.


Asked on 12/02/10, 10:13 am

1 Answer from Attorneys
Laura Margulies Laura Margulies & Associates, LLC

If you personally guaranteed any of the business debt, you would still be responsible for those debts even if the business filed bankruptcy.

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Answered on 12/07/10, 11:15 am


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