Legal Question in Bankruptcy in New York
We are a small retailer (NY S Corporation) that has run out of funds. We have over $70K in credit card debt which is personally guaranteed and will be payed off. We also owe anywhere between $200 and 4K to a couple of dozen vendors which is not personally guranteed. What is the best course of action in this case? We can't afford bunkruptcy and are unable to pay these vendors, are we personally protected and what steps we should take to avoid any action?
Asked on 2/08/10, 3:49 pm
1 Answer from Attorneys
Michael Fakhoury
Law Offices Michael Fakhoury
You can file a personal petition in bankruptcy (chapter 7) and you can dissolve the corporation. Vendor debts are also dischargeable in bankruptcy. You will be personally protected with a Chapter 7 Petition in Bankruptcy.
Answered on 2/19/10, 6:27 pm
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