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Recent Personal Guarantee questions

I own a C-Corp in Illinois. The "assets" are 2 taxi

Hi,I own a C-Corp in Illinois.The "assets " are 2 taxi Medallions,valued at 120,000 combined and 1 car ,valued at $5000.But my medallions loan is $500,000,so Im totally "underwater".(the Medallions values decreased from $350,000Also,to note that Im a personal guarantor on the Medallion Loan of $500,000 .Questions:1)Can I file personal Bk chapter 7 anytime ,and include the Corp Debt in my personal Bk,since I'm a guarantor?(And they gave me a notice of intend to foreclose on the medallions,the will probably seek a judgement against me personally,since my company doesn't have any other assets,except for the car valued at $5000)?Or I would have to wait for the Lender to foreclose and then file C Corp Bankruptcy,and then my personal bankruptcy?Or ,when they obtain a Judgement (probably in my personal name),I can file personal Bk at that time,and avoid filing C Corp Bankruptcy?(I would prefer to keep my corporation open,as Im working as a Limousine driver and getting paid on my company name;I make about $4000 a month...)

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Maverick

Doctoral Degree

7,150 satisfied customers
I use 2 "personal" credit cards used solely for the company

I use 2 "personal" credit cards used solely for the company expenditures i do not put personal items on them. (Cards are in my name) My employees also use these same cards from my personally guaranteed account that i had issued to them for company expenses The cars are not in the company name. The cards get paid directly from the company accounts every two weeks or so to keep the balances low. Most of our expenses go on them. We have this written into our corporate structure and addressed in the minutes as to how reimbursement occurs.Also I have Leased a new auto 5 months ago, the lease is in my wife's name because i could not get the loan and the business didn't have the credit to do so either. Myself and my employees use it solely for business travel around the unite states and procurement of sales etc. The business pays for the lease on this car directly from the business account to the leasing company.Would any of this pose an issue to a trustee in a corporate bankruptcy OR if a company sueing us tried to pierce the corporate veil after a judgment was handed down to the business.

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TJ, Esq.

Juris Doctor (JD)

11,474 satisfied customers
BUSINESS BANKRUPTCY ATTORNEY ONLY: Can debts in an LLC

BUSINESS BANKRUPTCY ATTORNEY ONLY: Can debts in an LLC partnership filing taxes as a Sub-S be discharged in a Chapter 7? If one of the two equal partners withdraws a large sum of money to pay his own separately owned company without authorization of the other partner and this potentially renders the LLC insolvent and unable to pay its payroll taxes and other third-party obligations, forcing the other partner to put the LLC into Ch 7, could the Trustee discharge that debt AND seek to recover it due to the partner who made the withdrawal preferring his own separate company over other creditors and is this likely? Lastly, can IRS force an Involuntary Ch 7 for unpaid payroll taxes?

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DrakeLAW

Juris Doctorate

952 satisfied customers
I own a small business. It's a sole proprietorship. I would

Hi,JA: Hello. What is your issue regarding?Customer: I own a small business. It's a sole proprietorship. I would like to know if I file bankruptcy do I have to close my business?JA: What state are you in? And has anything been officially filed?Customer: California NoJA: Has anything been filed in civil court? If so, what?Customer: Nothing filed in courtJA: Anything else you want the lawyer to know before I connect you?Customer: I have some personal debt and business related debt

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Law Tutor, Esq.

Lawyer

Doctoral Degree

336 satisfied customers
When filing for bankruptcy as a business, which is an llc.

When filing for bankruptcy as a business, which is an llc. How does it affect you personally? Credit, assets, etc.

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legalg

Juris Doctorate

15,410 satisfied customers
I'm a business owner and signed a personal guarantee when I

I'm a business owner and signed a personal guarantee when I got a loan for my business. I bought a house a year ago, and recently paid it off. When the house was paid off, mine and my spouses name were on the deed. Recently, I had my name taken off the deed in hopes of protecting my home in case of a future lawsuit or inability to pay off my practice. There is a small chance I go bankrupt before I am able to pay back the loan. I have now read this could one day be considered fraud. I live in a state with an unlimited homestead, which doesn't take effect for 1215 days after the home was purchased. Did I make a mistake? Should I pay to have my name put back on the title?

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LawGuy

Juris Doctor

40,370 satisfied customers
Bankrupcy lawyerWhat would happen if i signed a Personal

Bankrupcy lawyerWhat would happen if i signed a Personal Guarantee from my company, and later i declare personal bankruptcyCan the creditor come afterMy property based on that PG?

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Maverick

Doctoral Degree

7,150 satisfied customers
So I recently found out I'm a guarantor on our biggest

So I recently found out I'm a guarantor on our biggest company debt, which is a leasing account for our trucks. So in other words it wouldn't matter if we filed bankruptcy I would still be a guarantor and be responsible for paying that debt I guess. My question is if I sold all my shares and was no longer a partner in the company could they legally keep me on as a guarantor on this account they would continue to use to lease trucks for the company? How do I get my name off of this account as a guarantor? The original reason this was even necessary is because when we first started the company the company had no credit of course.

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5,318 satisfied customers
I filed chapter 7 bankruptcy in January 2013. Key Bank had

I filed chapter 7 bankruptcy in January 2013.Key Bank had a judgment against me for $55,000 for a credit line.My personal guarantee for the credit line was discharged.Unbeknownst to me Key Bank had filed a judgement lien for this amount also.My bankruptcy attorney is telling me he did not know about the Key Bank judgement lien when he filed our chapter 7 bankruptcy because Key Bank listed the amount as unsecured on their Proof of Claim filing so, he only listed Key Bank as an unsecured debt rather than as a secured debt.My bankruptcy attorney is now telling me that Key Bank can collect on this lien.Is my attorney correct that even after my bankruptcy has been discharged and finalized that now Key Bank can come back against me and collect the lien even though my debt was discharged?

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DrakeLAW

Juris Doctorate

952 satisfied customers
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