Expert: Terry Leeders - 12/3/2007

Question
My partner and I own a trucking company in Florida.  We may soon loss the contract we have and have to file bankruptcy.  We signed personally for some of the trucks.  How will this affect our personal assets and our house.  Also what is the normal percentage of business debt that you are still responsible for?

Answer
If you personally guaranteed the debt, you are fully responsible for that debt, and therefore, your assets are at risk. So,you should explore filing a personal bankruptcy as well.  A local attorney will advise you which chapter would be best to protect the personal assets.