cancel
Showing results for 
Search instead for 
Did you mean: 

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

tag
Anonymous
Not applicable

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
Message 1 of 2
1 REPLY 1
granny031350
Established Contributor

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. 
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.