I own a hair salon thats an Scorp, i am the only owner. With the salon debt and my personal i am tapped out and in the red with maxed out lines of credit and credit cards. Can i file bankruptcy on my personal stuff and keep my business untouched?
Yes, you need to see an attorney.
BUT, as a business that is carrying debt, your personal credit has probably been used to secure the business debt.
So, when you file personal bankruptcy the business credit is going to be pulled too.
Maybe there is a way to only pull the business debt that is personally guaranteed, but bankruptcy law is a complex mess now.
Most attorneys offer free consultations, gather up all your info for business and personal and go and talk to one.
Know that you are not the only one in your situation. Right now my S Corp is the opposite problem. The bank is thinking about taking away a loan we have had and paid on for over 7 years (never missed a payment, never been late). If that happens they will take our building loan too. That will send us personally into bankruptcy and we will lose our house too.
And the government just keeps giving the banking thieves more money and letting them destroy our country.
Good luck to us all.
