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LegalCornerTM - Business Bankruptcy - Chapter 7 or 11 F.A.Q.'s

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Q.What happens to me personally if my corporation files bankruptcy?

A.A corporate bankruptcy will not directly affect the corporate shareholders. However, if any of the officers or shareholders are personally liable for some of the corporate debts, the Automatic Stay in the corporation's bankruptcy case will not prevent the corporate creditors from seeking to collect their claim from those who provided a personal guarantee.

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