Real Estate Law
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Who signed for the loan...the S Corp officers or you personally?
If personally, did you guarantee the debt in addition to the S Corp agreeing to be liable?
Ok, to be honest with you, there is no way to know your exposure unless you can check the loan documents to see if you agreed to be personally liable or if just the S Corp is liable. If it is just the S Corp, and it has gone out of business, then the lender is out of luck.
But if you personally guaranteed the loan, which it typical, then they can still come after you for the debt.
So if you look over the paperwork and see anything signed like "Bob Smith, President" on every signature page, then you didn't sign agreeing to be personally liable and only the company is liable.