Small business, small debt BK?

[vidiot1]

I had an S-Corp small business that I dissolved about 3 years ago and went to work for another company. I've still been paying a small business loan (borrowed against an IRA that no longer exists) that I had obtained through Bank of New York at the time, which has since been purchased a few years ago by Chase. I got the loan down to about $10k at this point, but 5 months ago my employer went into BK and laid off all 7000 employees. As you can imagine things are very tight and my payments with Chase are now sporadic at best. The bank has offered to settle for roughly half of the owed amount but I don't have it right now. Should I file for BK on the old S-Corp, and if so, do I have to file personal as well? Thanks for any help.

[justbroke]

Since an S-Corp is a "designation" of a legal entity known as a Corporation, filing for the Corporation would deal with the Corporations dissolution. Unfortunately, you probably signed a personal guarantee when you obtained the loan from the lender. Filing for the Corporation would mean that they come after you personally.

Short story... you'll need to file personally as well.