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.