This would depend upon the terms of the contract which established the debt. If your former partner was the sole personal guarantor of the debt, it doesn't matter who else owned the company. If you co-signed or were joint on the account, then you have shared liability, regardless of the outcome of the business venture. If you did happen to be jointly liable for this debt; his bankruptcy discharged all of his liability. You would now be 100% liable for the balance. Conversely, if you were an authorized user on this account, you do not meet the definition of "debtor" under the Fair Credit Reporting Act. Although it is typical, it is not proper (or legal), for this to show on your credit report. Authorized user have NO liability for such accounts, even if they personally made the charges. Only account holders in a contractual agreement are legally liable for the debt.
Yes. Personal banruptcy does not relate to the company where the person is employed.
Nothing stops them from asking you for it, but you must assert your rights under the bankruptcy shield.
Business bankruptcy? The other spouse will probably not be liable unless their name appears as an officer of the company. Personal bankruptcy? Yes, it will probably affect the other spouse.
There is no best insurance company for a Bankruptcy. Some Insurance Companies will not accept application for coverage from people with a bankruptcy. Some will accept you application but may charge you a higher rate. Yet other companies just don't check credit at all so it would not matter to them if you've had a bankruptcy or not.
In a Proprietorship, the personal bankruptcy of the proprietor may cause shut down of business. Whereas in Partnership and Joint Stock Companies, bankruptcy of Partners, Directors effects business credit immensely as bankers become shy in extending further credits to the company.
Recievership is bankruptcy.
If you had an FHA insured home, you will have to wait for three years after the mortgage company claimed their refund.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Call the attorney or company that handled your bankruptcy.
If the company is a corporation and you personally guaranteed the debt, the corporation's discharge of its debts does not discharge your obligation. If the company is you as a "DBA" then more than likely the discharge of the DBA (doing business as) discharges your personal guarantee.
Companies that file for bankruptcy still have to pay their employees, if they have enough money. Employees are prioritized during bankruptcy procedures, so the company will have to pay for their work.
When you filed for the bankruptcy, you are also declaring total surrender of the business to the hands of creditor. Although, you can still maintain rights of the company, for the sake of proper decorum, it is advised to allow the bankruptcy trustee to work on the survival of the company.
There should be no reason why not; the fact that you work for a company at any position does not change the fact you have no money or ability to pay off debts.
A company is bankrupt when it is insolvent.it cannot settle its indebtedness.
If your thinking you no longer have to make payments, your wrong. Your responcibility to the company is the exact same, it doesn't change because they filed for bankruptcy.
What company will insure you when in chapter 13 if you home is not covered in the bankruptcy. If you have current insurance and the company is going out of business.
When a business owed money by a company that filed for bankruptcy the business will Get back very little of the owed money.
For the rules for bankruptcy in Canada you can check Wikipedia or Bankruptcy Canada. It is also a good idea to check with a debt solutions company or your accountant.
Thier actions, or lack, do not effect your ability to file for bankruptcy.