Bussiness/Peronal Bankruptcy???

[avican]

Hello,
New member here!!!

I formed a Corp. (SCorp) and purchased 9 multi family homes under that corp; now, the tenants have ruined everything for me and I would like to know if I have to file chapter 7 will it affect my personal credit???
In order to get the loans the banks checked my credit as the corp owner but the line items are not on my personal credit report; therefore, I'm a bit confused about the outcome on my personal credit if I filed...

All your thoughts will be greatly appreciated.

Thanks in advance.

Avi

[soleprop]

i don't know anything about scorp but i believe that your bk options are 11 and 13? someone else with more wisdom or experience will happen along and correct me, i hope!

[keepmine]

Did you personally guarantee any of the loans?

[southernbelle]

Did you personally guaranteed any of the loans? A business bk will not solve your problems if the answer is yes. I had a business with tons of business debt and only 2 items showed up on my credit report, but I still filed a business chapter 7 to keep from getting sued/garnished, etc.

[avican]

First of all thanks for all your responses, my lawyer is on vacation and will be back next week, I have all the paperwork with him and in my home office in NJ but I'm spending some time in Fl so I don't have access to this info; however, none of these mortgages show up on my credit report.

I'll keep you posted...

Thanks again,

Avi.

[HHM]

Would you be filing personal BK or having your business file BK (which is somewhat pointless for a business to file BK 7).