Your Personal Liability for Business Debts

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If you are deciding whether to file bankruptcy for your small business, the first question you must answer is this: Are you personally liable for your small business' debts?

Personal liability means that creditors can go after your personal assets (your income from another job, your home, or other property) if your business does not pay its bills. If you are not personally liable for business debts, then your personal assets are safe from creditors -- your creditors can only go after business income and assets. If you are personally liable for business debts, you'll have to file a personal bankruptcy in order to get rid of the debts.

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By clicking "Find a Lawyer", you agree to the Martindale-Nolo Texting Terms. Martindale-Nolo and up to 5 participating attorneys may contact you on the number you provided for marketing purposes, discuss available services, etc. Messages may be sent using pre-recorded messages, auto-dialer or other automated technology. You are not required to provide consent as a condition of service. Attorneys have the option, but are not required, to send text messages to you. You will receive up to 2 messages per week from Martindale-Nolo. Frequency from attorney may vary. Message and data rates may apply. Your number will be held in accordance with our Privacy Policy.

You should not send any sensitive or confidential information through this site. Any information sent through this site does not create an attorney-client relationship and may not be treated as privileged or confidential. The lawyer or law firm you are contacting is not required to, and may choose not to, accept you as a client. The Internet is not necessarily secure and emails sent through this site could be intercepted or read by third parties.

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