Legal Question in Bankruptcy in Pennsylvania

i own a grocery store that is incorperated. I need to either go out of business or file for bankruptcy. my debt is approx. $160,000 and my assets are approx. $130,000. am i liable to the different vendors ect. that the corp. owes money to? I do not know which is the best way to handle this. I currently lease the building. thank you very much


Asked on 3/28/11, 6:23 am

1 Answer from Attorneys
Glenn Brown Real World Law, P.C.

Find a business attorney in your part of the state. The issue of personal liability with your vendors will require a review of your contracts to determine if you guaranteed the debt.

What you will need to do for a fresh start will be fact specific. Good luck to you.

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Answered on 3/28/11, 7:57 am


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