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Thread: Bankrupt an S-Corp? Iowa Indiana

  1. #1
    Junior Member
    Join Date
    Sep 2011

    Default Bankrupt an S-Corp? Iowa Indiana

    **I am NOT in Iowa, I cant get it to go away though.

    State: IN

    When we close the business this year, there will be $20K (LOC) in remaining debt. I think this LOC is unsecured, but I'll have to do some digging to be certain.

    How will filing Chapter 7 bankruptcy affect my personal credit? Or does the corporation protect us from that?

    This amount would take me a considerable time to pay back, but I will do it if it is going to adversely affect the my credit.

    Any advice would be appreciated.
    Last edited by fpam; 11-01-2011 at 03:34 PM. Reason: Not in Iowa

  2. #2
    Junior Member
    Join Date
    Sep 2011

    Default also...

    All of my taxes are current.

  3. #3
    Super Moderator
    Join Date
    Apr 2007
    Il.(near STL,Mo.)


    This link may be of some help to you - however, you do need to talk to a
    business bankruptcy attorney.

    add info: I might mention there are self-help books on bankruptcy - Nolo puts out
    many self-help books. You can learn a lot from them.
    Last edited by Betty3; 11-01-2011 at 08:46 PM. Reason: add info
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

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