I am a small incorporated (Chapter C) business, I have defaulted on a loan. This is a business loan but I have a personal guarantee on it as well. Can I file a chapter 7 bankruptcy for protection of my personal assets? My assets are not that high, less than 100K total (house, 2 cars, and furnishings). Thank you
Are you married and own property jointly? That would affect whether you can be discharged without paying or jeopardizing assets? Only a TX bankruptcy atty can analyze and advise in your his regard. Do it!!!!
This commentary does not result in any attorney/client relationship nor constitute legal advice as to a particular fact situation or status of a reader. Consult and retain legal counsel in the State of Michigan for pursuit of such a relationship.
Yes. Many small business loans are personally guaranteed. If you guaranteed a small business loan, a Ch. 7 Bankruptcy for both the business and you individually could resolve the debt. However, there are many questions that need to be answered. For example, would you qualify for Ch. 7? Are your assets protected in a Ch. 7? These are just a few questions that an experienced bankruptcy attorney can help you answer. Donald Hood, Dallas, TX
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