Posts tagged Personal bankruptcy
Will My Separation Agreement Protect Me If My Ex Goes Bankrupt?

When a relationship ends it is not uncommon to have a formal separation agreement drawn up by a lawyer to spell out the responsibilities of each party.  Even though both parties may have agreed to assume responsibility for certain debts, it does not absolve the parties should one of them default on credit that was granted jointly such as joint credit cards or lines of credit.  

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Am I Responsible For Business Debts If I File For Bankruptcy?

Commonly, shareholders provide personal guarantees for bank debt and equipment or vehicles financing or leases.  In addition, some suppliers may require personal guarantees. If you are a director of an incorporated business, you may be jointly and severally liable with the Company for certain debts. 

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Do I Qualify For Bankruptcy?

So basically, if you owe at least $1,000, are unable to keep up with your monthly debts payments and do not have assets such as vehicles, house, or investments that you can cash in to pay your debts in full, then you can choose to file for bankruptcy protection.  It is your choice whether or not to voluntarily put yourself into bankruptcy and no one can stop you.

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