Legal Question in Bankruptcy in California
I am a corporate vp of a small company that is thinking filing bankruptcy , will this effect my personal credit?
I have not sign any guarantee documentation.
I am only a 10% shareholder.
2 Answers from Attorneys
First, no one knows what the FICO formula is, it is a secret.
I think the only effect it will have on your credit is that your job is at stake. So your income is in jeopardy in multiple ways: Your 10% equity may be wiped out, you will no longer receive dividends (if you did before), you may incur legal fees to make sure you are represented fairly in the bk, and your monthly salary may go away.
These are all risks that a good FICO formula would take into consideration. How much? I don't know.
Law Answers
There is insufficient information to give an informed answer to your question.
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