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Bankruptcy

: The Debt Podcast

If I File Personal Bankruptcy What Happens To Corporate Debts I Personally Guaranteed?

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Your individual bankruptcy can discharge your personal debts.  Debts that you guaranteed for a corporation can be discharged as to you, but the corporation will still owe those debts. Most small corporations cannot obtain credit without a major shareholder/owner signing the loan application as a personal guarantee.  Often new or small corporations have few assets and [...]

Full post as published by The Debt Podcast on January 11, 2009 (boomark / email).

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