Bankruptcy

What is the name of your state? PA

I have a 24 year business in construction. Seasonal slowdowns over the years has caused me crushing debts thru credit card advances, etc. Can I claim bankruptcy on debt incurred even though business was in my name and not a separate entity?-without affecting my personal assets not associated with business? Thanks-----Hammer

Unfortunately, no.

Unless you incorporated the business, the business debts are your persoanl responsibility....and you would need to file bankruptcy personally to wipe them out.

Received a reply from gottago and was told if not incorporated all debts are my personal responsibility---would my spouses credit be affected --in other words is it my debt from business or is it considered family debt affecting her credit as well as mine. She was not part of the business. Thanks----Hammer

Some states allow one spouse of a married couple to file alone. Some states do not. I do not know whether your state allows that.

If it *does* allow you to file alone and you have no joint debts with your wife, then it would not affect her credit.

If you have joint debts but reaffirm the joint debts, then a bankruptcy notation will show up on her credit report, but it will be obvious that it was the co-signer's BK (yours), not hers.

Hope this answers your questions.