bankruptcy questions

[Rock'n Robin]

Hate to ask, but looks like DH's company is not going to make it through the winter. He has run a small remodeling company for 10 years but things went south after 9/11 and he has been fighting like heck ever since to save it.
The company is a corporation. It has debts, etc. We have a building we can sell. If the company declares bankruptcy, do I have to as well? I have been paying down our personal credit cards and foresee a complete payoff in 18 months. I don't want this mark on my personal credit. That sounds mean, but if we both have bad credit it will make the next few years rather difficult. His lawyer says that creditors would let us keep the house and our vehicles. Our personal credit is great without a spot on it and we pay way over minimum on our cards; I'd hate to lose all of that progress. I make decent $ as a teacher; he's said if I didn't make what I do he would have folded months ago.
You might also want to keep DH in your prayers; he's pretty depressed. He has had several job offers over the years in his field because he has a lot of personal integrity and everyone trusts him so getting another job won't be a problem, but running a business was his dream and he feels like a bit of a failure. He gave it all he had, but there is hardly any money there at all.

 

[chell]

Prayers for you and your hubby.

Sorry that I can't help you with your questions though. But I don't see why you would have to file for personal bankruptcy.

 

[floridaminnie]

If it a corporaration, then it's a separate entity, so you personally don't have to declare bankruptcy.

 

[jel0511]

Since your DH incorporated his business, the business should have to file bankruptcy not himself, and definately not yourself. Now, if you are listed as one of the owners, and your DH wasn't listed as an employee, things can get very sticky. You're best bet is to contact a bankruptcy attorney, they'll know the laws in your state, and be able to best advise you.

 

[tinaluis]

I'll say a prayer for you and your family. Tell your DH not to feel too bad -- he tried his best. It would have been far more a tragedy for him to have never tried at all.