How does consumer bankruptcy effect our business?

[wheelersmom]

What is the name of your state? I live in Michigan

We are considering filing consumer bankruptcy since my husband is no longer working full time. I work part time as a cashier and am unable to work more hours because we have a disabled son who needs much care. We also own a business which is actually a corporation. We filed articles of incorporation in Sept 2002. We are unable to keep up with our debt and are in serious financial trouble. Our business is not making enough money to even keep up with it's bills. We feel it would be better to file consumer bankruptcy but I have questions regarding debts owed by our business. Will we be able to include monies owed to debtors through our business (ie vendors etc.) in consumer bankruptcy if we personally guarateed them? Also we are looking for a good bankruptcy lawyer in or around Cadillac, MI. Any advice would be greatly appreciated at this time.

 

[djohnson]

You as individuals and the corporation are two separate entities. Because you have signed personal guarantees filing BK on one with out the other isn't going to help you alot. If you file personally, the vendors and such can still go after your business. If you file under the business, they can still come after you. I would suggest, and someone else will probably jump in and give more advice shortly, but I would suggest filing under both or none. I am not an attorney but am experienced in these cases. There is a great site to find a lawyer on the top of this page.

 

[MidnightSwinga]

I can recommend a great attorney for you. He is located in Grand Rapids however. Not sure if that's an option. Let me know