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personal and business bankruptcy

I believe i need to file personal bankruptcy as i have been unable to work since december and my funds have almost run out. I was self-employed up to december but i handed the keys back to the landlord with stock. That is the only asset the business had, am i covered by going personally bankrupt? I signed personally for a business loan from the bank.

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One Response to “personal and business bankruptcy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

From the sounds of it a personal bankruptcy is all that is necessary as it will clear you from the personal guarantee and most other liabilities associated with organization. Unless there is something unusual involved there would be no advantage to you to place the company in bankruptcy as you would still be personally responsible for a variety of items.

However, it would be important for you to compile a complete list of any of your assets and liabilities in both your name and the business name and have it reviewed by a licensed trustee to confirm that this is the best course of action to take.