Re: personal debt charge-offs and own a business
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Posted by noslave (69.10.162.79) on February 03, 2003 at 12:51:40:
In Reply to: Re: personal debt charge-offs and own a business posted by ahandle on February 03, 2003 at 11:08:54:
Probably not.What they dont know wont hurt you,I always say.The problem will arise if they get a judgement and haul you into court to give them all your financial info under oath.You might have enough tools of trade exemption in Texas to protect your business equipment without having to change your business structure.Check it out.Another option is to file CH.13 bankruptcy if they file suit.Under 13 you can keep your business and pay back your creditors over a period of 3 to 5 years at a lesser percentage of what you owe.This is just general info and may or may not apply.If you have a lot at risk,get legal advice from an attorney.Good luck.
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