Michigan  |  Bankruptcy

Legal Question

Asked on: 8/29/13, 12:48 pm

Single (S corp) business owner, 6yr old auto repair business. Overdue bills (now on cash-only), equipment debt (leases) and personal guarantees on the debt. Business=too slow/inconsistent to catch/keep up.

Q1. How do the personal guarantees effect finances outside the business; specifically, is my wife liable for the debt b/c we're married?

Q2. How do I determine if business bankrupcy is an option? I have a personal bankrupcy from about 4yrs ago.

Thank you!

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