4 ms·
Debts don't simply "disappear" because a company goes out of business. And there already exist nondischargeable debts (like "criminal penalties, fines, and rest
by zonidjan 7y ago
Debts don't simply "disappear" because a company goes out of business. And there already exist nondischargeable debts (like "criminal penalties, fines, and restitution", or "willful and malicious injury caused by debtor", both of which should apply here).
- dragonwriter 7y ago> Debts don't simply "disappear" because a company goes out of business Yes, they basically do, if it's a limited liability entity (LLC, Corp, etc.) absent the special conditions being met for piercing the corporate veil. > And there already exist nondischargeable debts That effects bankruptcy, not termination of the entity with exhaustion of assets leaving unresolved debt. Just like death or individual whose estate is entirely consumed leaving unpaid debt, if no one else is legally liable for the specific debt, it dies with the debtor.
- deleted 7y ago[deleted]