#105 - Personal and Company depts incurred before declaring Chapter 11

Horav Shlomo Miller’s Shlit’a opinion is that personal debts remain and have to be honored even after declaring insolvency. However, debts incurred by a company, are normally subject to the conditions and laws by which they were established and accepted. The debt acquired will follow the court decisions, unless it was attained by also giving ones personal guaranties.

Rabbi A. Bartfeld as revised by Horav Shlomo Miller Shlit"a