ForumsLoans and Lines of Credit

I'm sorry for your financial difficulties. I don't have first hand experience with this, but I think the answer is straightforward -- provided that you are your corporation's only shareholder. You would be the guarantor on your corporate credit cards, so if the business had failed first, you would have been personally on the hook for the balances. If you file Chapter 7 as an individual first, that's basically a liquidation of your assets, and those assets would include all the shares of common stock issued by your company that you own -- so I don't think you'd have to file for corporate bankruptcy because the trustee would effectively liquidate the company and all its assets along with everything you own personally (except the items that qualify for exclusion). If there are other corporate shareholders, however, it could be more complicated.

Meeting with an attorney is essential. Chapter 7 changed dramatically a couple of years ago, and a lot the information about it on-line is not longer correct. I think one big change was that the credit card purchases you make during the six months before you file are now subject to very strict limitations (both dollar amount and types of items purchased). Buying anything that's not within those limits is considered fraud. Since you used corporate card for personal purchases, you really want the expertise of a bankruptcy attorney.

I hope you're able to get things back on track. Best wishes.