i personally garunted business loan will a business bankruptcy protect me from being sued
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i personally garunted business loan will a business bankruptcy protect me from being sued
Asked on June 4, 2009 under Bankruptcy Law, Texas
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
You can be sued on your individual guaranty, for that loan. Other business debts, which you haven't personally guaranteed, can't reach your personal assets if the company was set up and run properly as a corporation, LLC, or something similar.
If you have any substantial personal assets (like a home), I would strongly recommend that you hire an attorney in your area, who can give you advice you can rely on, based on all of the facts of your case. Making a mistake in a case like this can be very expensive. One place to find a lawyer is our website, http://attorneypages.com
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.