Business trouble

[treasure]

IL
I have two small businesses and the are both incorporated. One is struggling poorly for two years now and I need to get rid of it. If I file bankruptcy on one of the businesses, can it have a legal impact on the first business? I am sole owner of both corporations. Plus I took a note on the second business which holds me as the note garniture. Can they take my house and or IRA?

 

[DaniaLee]

My Experience

I once had a business in trouble (thankfully I ended up selling it and used the cash to negotiate settlements). After researching back then, my understanding was that despite the debt, my retirement money was safe (I think the only way your retirement money may not be safe is if you owe the IRS - they can come after it). However, if you personally guaranteed any loans, your house may not be safe.