Chapter 11 and its affect on personal ratings

[justasking]

I'd really like to know if anyone who has been thru a Chapter 11 already can tell me its affect on your personal credit status.

Did you lose all credit cards, i.e. ALL not just those related to your business?

I know it may affect our credit rating ... I also have heard from several people who feel like the stigma of Chapter 11 for a business has gone down somewhat ...

All personal bills are current and have no isses.

Anyone know from personal experience?

Thanks in advance...

[HHM]

Bankruptcy is bankruptcy, it really doesn't matter which chapter. If you are filing BK-11 "personally" (i.e. under your SSN and not a companies EIN), it is no different than any other BK. It will appear as a public record and under FCRA can be reported up to 10 years.

However, if this is a pure business chapter 11, it shouldn't have any affect on your personal credit. The only issue you will have are for debts that are in both personal and business.

[justasking]

See, I am talking about a Business Chapter 11 -- under its own EIN number and NONE of the business debts are personal debts. They are business debts.

What I have noticed is that I have CC's for example, Wells Fargo ... in both a personal account and a corporate credit card. And I am sure somewhere my SSN crosses both of those accounts ... so I wonder how that might trip the trigger for these companies and what the impact might be.

You are the first to respond to me, thank you ... have you been thru a Biz Chapter 11 yourself?

Thanks :-)