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sam1970
Posts: 1
Registered: ‎02-28-2008

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
granny031350
Posts: 951
Registered: ‎12-04-2007

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. 

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