How does filing BK on the S-corp (or c or LLC) affect personal finances

[Flowers]

I assume it is the business entity that is going under, not the personal finances.
Maybe someone can help me sort this out in the right direction.

Ex-hubby wants to stop paying my alimony cause he is filing BK (not sure which) on the biz.
And I suspect all assets have been transferred to new wife . . .

[Flowers]

. . . anyone ? . . . .

[HHM]

There is generally no reason for the S-Corp or LLC to file BK, you simply close down the business.

But, if a Biz Entity files BK, it does not effect the owners personal assets (unless the owners took a bunch of money or things out of the company before filing).

Also, it would be rare that an owner didn't personally guarantee the debts of the business, so usually the owner files BK.