Quote:
Originally Posted by SleazyDream
bankrupsy is almost the same as death in legal terms - you loose everything and start over.
they would have a claim against the estate, but not my new life.
same in the usa I believe - otherwise what would be the point of bankrupsy?
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Bankruptcy gives one relief from one set of financial circumstances...but I find it difficult to believe that bankruptcy would relieve one of any and all liabilities. I am not an attorney and do not know the definitive law about this matter in the states...but my confidence level is high when I say that if it was in the states and one in fact was found to be liable for the business/tenants actions...I do not think that bankruptcy would be a defense to not having to pay on that liability as it is a different set of circumstance other than what the declaration of bankruptcy was based upon. I think a judgement would be brought against future earnings.