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| *Loan,banking and credit>>>business credit |
If your business ends up in bankruptcy does that affect the owner's credit score? |
One person told me no because your credit score has your own personal financial information in it and not any type of business information but a second person told me yeah it would because the owner's names are on the business IRS tax forms It depends on if your business is incorporated and also if you have any personal liability associated with the company, i.e. a line of credit backed by your house. If so, bankruptcy might not take care of all the debt and you may still either have to pay some, or file personal bankruptcy as well. Source(s): The mistakes of others... It depends on several factor: whose name the business is in - how the business is listed - incorp/etc - how the assets are defined - whether personal assets were used/collateral in the business - the best person to help you would be your business accountant or your business lawyer - good luck!@ Your business credit score will go down. Not your personal credit score. Your business credit score is registered with Dunn & Bradstreet. Your personal credit score is registered with equifax, transunion, and so on. |
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