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Video: What happens to me personally if my corporation files bankruptcy?

If you own a company that needs to file a Chapter 7 or a Chapter 11 bankruptcy, there are certain things you need to be aware of as far as your personal liability.First, personal guarantees that you have with regard to corporate debts will not be excused simply because your company filed bankruptcy. In addition, if there are what's called trust fund taxes due, for example payroll taxes or sales taxes, you may have personal liability as a responsible party on those tax liabilities not withstanding the fact that your company filed bankruptcy.