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Reitmaster_98
My mom owns a corporation that is $20,000 in debt, if she goes BK, does it affect her personal credit rating?
Unless she has personally guaranteed the debt, it will not effect her personal credit rating!
Fryemall
No. A "C" (aka regular) or "S" corporation protects individual investors because it is a seperate legal entity.
tiger_skratch
Yes, if the name on the deed is hers.
AJ
no
OPM
The answer is "it depends."
If she is personally obligated on the debt as a guarantor then the answer is yes. She likely is if she is a controlling shareholder, officer or director. If she is a simple shareholder then no it will have no impact on her at all.
If the corporation goes bankrupt, it is likely the principals will have to make good on the debt from their own accounts. Most banks require the principals to guarantee the debt to prevent one of them from taking the money and blowing it or embezzling. They couldn't take $20,000 and walk away and declare corporate bankruptcy.
-RKO-
It shouldn't. But you probably should talk to a lawyer who specializes in business bankruptcies.
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