My uncle is thinking about declaring bankruptcy, but the thing is that he doesn’t have very much credit card debt. I don’t even think he has 1 credit card.. He doesn’t have a checking or savings account either. He only owes wood companies for wood purchased because he owns a carpentry business. He also owes his employees a few thousand, as well as a few of his friends. Also, they owe his son’s school a few thousand because he used to go to private school. I know they’re in bad shape, but I don’t think bankruptcy can take away these debts.. Might I be right? Thanks..
Oh, also forgot to mention that he owes several thousand in back taxes.
Sounds like two separate things. I mean if these are expenses against the business then he is not personally liable. However it depends on how his business is set up. In this case he needs to talk to a lawyer that deals in Commercial Law. Some of these things you mentioned are business expenses but some are personal expenses. The private school thing he is liable for and he is liable for paying his employees as well. If he didn’t get good advice when opening his business he could very well be personally liable for back pay to his employees.
