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Bankrupt an S-Corp? Iowa Indiana

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  • Bankrupt an S-Corp? Iowa Indiana

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

    State: IN
    S-Corp

    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, 02:34 PM. Reason: Not in Iowa

  • #2
    also...

    All of my taxes are current.

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    • #3
      This link may be of some help to you - however, you do need to talk to a
      business bankruptcy attorney.

      http://www.zucklaw.com/small-business-bankruptcy.asp

      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, 07:46 PM. Reason: add info
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