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.