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If Your Small Business Declares Bankruptcy, Does Your Personal Credit Score/history Get Affected?

I don’t own a business I’m just wondering, seeing as how so many small business owners are declaring bankruptcy for their companies right now.

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This entry was posted on Wednesday, February 10th, 2010 at 9:37 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “If Your Small Business Declares Bankruptcy, Does Your Personal Credit Score/history Get Affected?”

  1. Steve D Says:
    February 10th, 2010 at 9:58 am

    Depends on the form of business. A limited partnership or corporation (S-Corp, etc.) provide protection against bankruptcy/credit pass throughs/liabilities. If you are a sole proprietor, not only will it affect your credit, but creditors can come after your personal assets.

  2. mairdo51 Says:
    February 10th, 2010 at 10:47 am

    It will be greatly affected if the owner fails to sacrifice a virgin lamb every third full moon. I know, it sounds kinda gross, but not as gross as eating ramen every day.

  3. golferwh Says:
    February 10th, 2010 at 12:22 pm

    yes if not incorporated it sure does

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