Will My Business Bankruptcy Affect Me Personally?
Bankruptcy can affect your business and your ability to acquire loans, credit, and other financial assets. However, you may be wondering if your business bankruptcy can affect you personally or are the impacts related to your business alone. If you want to learn more about business bankruptcy, you can rely on Ursulova Law Office to provide you with the services and guidance you need to navigate business bankruptcy.
If you need to file a business bankruptcy, you’re likely concerned about how it would affect you personally. However, if you have a corporation and you file for bankruptcy, it won’t affect you if the business is designated as a corporation. Keep in mind that there are a few types of a corporation, including C, S, and LLC. Those structures provide some protection from bankruptcy liability.
If you have any personal liability for a business directly related to your name, it can directly affect your credit score. A sole proprietorship would be an instance where you may be personally liable for any defaults during bankruptcy.
For example, if you personally guaranteed loans, then you would be liable for that debt. It’s important to note that you may be held responsible in some instances where the creditors may be able to pierce the veil and hold an individual accountable. This can be accomplished through the court system and may apply to specific circumstances.
Usually, this action is related to some form of proven negligence on behalf of the owner. If the courts feel that fraud was involved, they may allow creditors to pursue the individuals. In this case, your possessions and finances may be at risk. The creditors can seize your belongings to liquidate them for repayment of defaulted loans or other business funding or asset distribution.
If you need to file for business bankruptcy, you need a business bankruptcy lawyer with the skills and experience to help you navigate the process and help you get a satisfactory outcome. Working with a skilled bankruptcy lawyer Brooklyn or a bankruptcy lawyer Brighton Beach, can prove highly beneficial.
Without the proper guidance, your credit score, personal assets, and ability to obtain financing or other assets may be at risk. That’s why you shouldn’t take chances. Get the legal assistance you need today to resolve your case.
Individuals with a business bankruptcy NY or need the assistance of a professional bankruptcy lawyer in Brooklyn working specifically with bankruptcy cases to ensure they get a fair outcome. Ursulova Law Offices has lawyers ready to assist you with bankruptcy issues to ensure a favorable outcome.
We can carefully assess each piece of information related to your case to determine which areas of the case have the most impact. Education is essential in bankruptcy proceedings. That’s why we ensure our clients understand the specific elements of their cases and how they can affect them.
Once we understand the case details, we take the time to advise our clients of the potential outcomes and how to proceed during the hearing process. We can also navigate outside the courts to get specific resolutions. If you would like to learn more or get answers to questions, please contact our team. You can also call to schedule a consultation for services or to inquire about the services we offer. Be sure to get the legal representation you need to mitigate risks and reduce the personal liability related to business bankruptcy. Contact Ursulova Law Offices today to get started on your case.