Fuquay Varina, NC asked in Bankruptcy and Business Law for North Carolina

Q: If I own a company (S corp) and we owe $18000 in loans/card debt what happens to the balance when we close the company?

I own an S Corp, we close the office last fall due to lack or work. We have not been able to get it going again and we owe 8k in cards and around 15k on a loan. If we file chapter 7 does the debt the company owed then comes to me, or is it gone with the failed company? As of right now I dont see the cards on my cerdit report I think they are just on the company EIN?

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1 Lawyer Answer
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Unless you signed as a personal obligation on the nite, the debt stays with the s Corp.

Bruce Alexander Minnick agrees with this answer

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