Reply
New Visitor
Posts: 1
Registered: ‎02-28-2008
0

BUSINESS DEBTS: 250K, HAVE GREAT DIFFICULTY PAYING, WHAT SHOULD I DO?

I HAVE BUSINESS DEBTS: 250K.  HAVE GREAT DIFFICULTY PAYING, WHAT SHOULD I DO?
 
I have a corporation with several business lines of credit and credit cards (most of them, personally guaranteed on the application). Due to a very weak economy, unpaid accounts receivables  and depleting business sales, it seems in a very short time the company will almost be unable to keep up with minimum payments and repay the debt.
 
I have almost no debts on my personal credit cards except a home mortgage. My personal FICO score is around 725.
 
1) Should I file for Business Bankruptcy?
2) If I do file for Business Bankruptcy, will it affect my personal credit?
3) Can my business creditors (all banks) go after my personal assets & home?
4) Is there a legal way to protect my personal assets?
 
Appreciate all advise. Thank you all in advance for taking the time to read and respond.
 
Regards,
 
Sam
Established Contributor
Posts: 951
Registered: ‎12-04-2007
0

Re: BUSINESS DEBTS: 250K, HAVE GREAT DIFFICULTY PAYING, WHAT SHOULD I DO?

gather up your information and talk to a qualified BK attorney that specializes in chapter 11's.  That way you will get legal answers and know what your situation is and where you stand. 
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.