bankruptcy business laws
Bankruptcy?
My uncle is declared bankrupt, think, but the thing is that he is not very much credit card debt. I really do not think he has a credit card .. He has no checking or savings account either. He owes only: wood for wood bought because it has a carpentry shop. He owes his employees a few thousand, and some of his friends. They also owe his son's school uses a few thousand, because he has to go to a private school. I know they are in poor condition; but I do not think that bankruptcy can take away this debt .. Maybe I'm right? Thanks .. Oh, forgot to mention also that he owes back thousands more in taxes.
Sounds like two separate things. I mean, if these charges against the business are then he shall not be held personally liable. However, depends on as his business is established. In this case, he must talk to a lawyer who in business law. Some of these things you mentioned are business expenses, but some are personal expenses. The private school, which he is liable for and he's made for the payment of its employees, and responsible. If he is not good advice when opening his company, he could very well be personally liable to repay to their employees.
New bankruptcy laws to focus on balance
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