I own an incorporated company and I owe a large sum of money that I borrowed from it. The company will have to close soon because we no longer have any contracts. As this is my only income, bankruptcy will unfortunately be the only option. I would like to know, in the event of personal and business bankruptcy, if I will be released from this loan? Regarding taxes and employer payroll deductions, everything is paid to date. My second question is: after bankruptcy, if the tax authorities conduct an audit and find irregularities in previous years, will I be personally liable even though I have filed for bankruptcy?
Your personal bankruptcy will free you from all these debts, except in cases of fraud.
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