Hello and thanks for having me on your board.
I need some simple advice to decide what to do with a sizable amount of debt associated with a company I dissolved.
I recently dissolved an Inc. in Ky that I sold off clients and liquidated assets to pay off debt accumulated through bad decisions, high interest and bad debt. I have a single line of credit left with a bank in the amount of 27000.00. This is a large sum for me to pay back if I were to do so.
The loan is in the name of my company, so it is not "personal" debt. It does NOT show up on my personal credit report (curiously). So my question is --
Could I consider a Ch 7 bankruptcy for the dead company to remove this loan? And, would it destroy me personally to do so??
Thanks so much for any help...
I need some simple advice to decide what to do with a sizable amount of debt associated with a company I dissolved.
I recently dissolved an Inc. in Ky that I sold off clients and liquidated assets to pay off debt accumulated through bad decisions, high interest and bad debt. I have a single line of credit left with a bank in the amount of 27000.00. This is a large sum for me to pay back if I were to do so.
The loan is in the name of my company, so it is not "personal" debt. It does NOT show up on my personal credit report (curiously). So my question is --
Could I consider a Ch 7 bankruptcy for the dead company to remove this loan? And, would it destroy me personally to do so??
Thanks so much for any help...