Why both???

[floradelaluna]

What is the name of your state (only U.S. law)? GEORGIA

We have been to two bankruptcy attorneys. We thought we could simply bankrupt the business that has been severely affected by the economy. We were shocked to find out that we would have to include our personal finances as well.

WHY can't we just bankrupt the busines???What is the name of your state (only U.S. law)?

[bigun]

It's very likely you personally guaranteed the loans that ere used to fund the business.
WHat did the attorneys say when you asked them this question?

[floradelaluna]

I was only present to meet with the first one. He simply said, "that's not how it's done." The business is incorporated, but that didn't make any difference. We didn't like him.

Dh met with the second attorney while I was at work. I don't what was said, but he came home with the same conclusions and I don't understand it. Maybe that is the law here in Georgia???

[bigun]

If, you personally guaranteed the loans, the corp. will not protect you from creditors.
Don't be intimated in this process. If you have questions-ask them and don't settle for a "that's the way it is answer".