we own a small business which is incorporated.  if we filed
bankruptcy, would the officers credit standing be affect personaly?

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Request for Question Clarification by denco-ga on 25 Feb 2005 10:29 PST

Howdy bailer-ga,

It might help researchers if they knew the location (state) of the business,
and the type (S-Corp, etc.) of corporation.  Thanks!

Looking Forward, denco-ga - Google Answers Researcher

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Clarification of Question by bailer-ga on 25 Feb 2005 18:42 PST

business is located in chicago illinois and is an S corporation

hi, the answer is no...unless any of the officers signed personal
guaranteeds for bank loans, leases and the like. did they? if so,
those debts would survive a chapter 7 bk.

and another issue...the answer could be yes if any debts were incurred
within 120 days of the filing of the bk petition which could be
considered fraud by the creditor.

for more info....check out http://www.bankruptcypreparers.com which
has state specific exemption laws and other related info. also, check
out http://www.devonfrench.com which deals with small business
turnaround services and has more articles/info to answer some of your
questions.

good luck.

rick