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  • BK Question

    I EOD'd with USBP about 5 months ago. Prior to BP I was self-employed for 7 years in the financial services industry. I owned a business that employed 40+ people and I sold it when I got the call to pursue a career in law enforcement. The business was doing very well when I sold it, but now it seems to be going downhill due to the economy.

    The new owners assumed all liabilities when they bought it but some of the business debt was personally guaranteed by me. Most creditors do not reassign personal guarantees even when there are new owners. The creditors added the new owners as personal guarantors but I don't this they removed me. Also, if the business fails they would probably stop paying me my buyout payments which is supplementing my entry level pay at this time. This would cut my personal income quite a bit as well.

    My question is, if the business fails I would have file BK to protect myself from the business debt that I sold. How would this affect my position? Do I report this or consult with anyone, or is this just something I would explain during my next background update in 4 years?

    Anyone with experience please help.

    When I sold the business I did not even go down this path of 'what if's'. Now, there is a possibility that I may have to file BK to protect my assets and my family.

  • #2
    I would call a lawyer. If you do file I don't think you are going to be a 1811 anytime soon. Good luck with it and talk to a lawyer about any liabilities asap.

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    • #3
      The issue with a bankruptcy is why you had to file, not that you actually filed. The fact that you filed can not be used against you for any administrative actions concerning your job. It is prohibited in federal law. The title of the US code that deals with bankruptcy is Title 11. You can search through it, or ask your bankruptcy attorney exactly where it stipulates that you can not suffer negative administrative actions solely due to filing for bankruptcy.
      Last edited by kc12; 05-01-2009, 01:51 PM.
      But when a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new guards for their future security.

      For the intelectually challenged: If the government screws the people enough, it is the right and responsibility of the people to revolt and form a new government.

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