I have a LLC that has a line of credit with a bank that my wife and I personally guaranteed. While we have the ability to pay it off over time, the bank just called our note and now wants me to make the $175K payment in four months. I cannot do that. In 36 months, I can but not in four.
My business is a service consulting business with no real assets. I can easily restart it. If I file Chapter 7 on the business will the Line of Credit be discharged or will I still owe it personally?