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Recent Personal Guarantee questions

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

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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

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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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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

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I received a letter from the Department of treasury bureau

I received a letter from the Department of treasury bureau of the fiscal service. They are trying to collect on a debt of $427,697. This appears to be from a personal guarantee on an SBA loan I borrowed in 2001. The business file Chapter 11 bankruptcy in 2006 and submitted a plan of reorganization in 2008. We were in bankruptcy for over two years while fighting a lawsuit against a franchisor that shut us down.This is the first I've heard from the SBA. The stating if I do not pay or respond, they will garnish my wages.There is a list of items that discuss my rights.I am self-employed, and not sure of my downside by calling them.I'm not sure I even have a very specific question other then should my first step be calling them? Also any advice on talking with them?I never did file personal bankruptcy as I did not have enough assets for them to go after.

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Law Educator, Esq.

Attorney At Law

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My company took out a direct lender loan and have depleted

My company took out a direct lender loan and have depleted the funds. The business cannot continue and we do not have the money to pay back the loan immediately. Would it be better to file for some kind of bankruptcy or to find a debt settlement company?

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I have an S-corp which is going to close due to losses and

I have an S-corp which is going to close due to losses and unsustainable debt. In the process we will be filing personal Chapter 7 bankruptcy. There is roughly $300k in business debt we have personal guarantees on, plus another $400k in loans we owe to the corporation. The company has about $600k in total debt between suppliers, bank and credit institutions,etc. My understanding is that if we file personal Chapter 7, our garantees on the business debt will be removed. I have an opportunity to do some asset sales of parts of the business - email list, group customer base, etc. So the company would have stopped operating (no employees, no locations, etc) but would have a revenue stream from these different sources coming in of say $10-20k / month. It would still require me to do some work for the revenue to come in and also to pay debts over time with the revenue.I would expect judgements against the company from our debtors, but my question is this. Would I still be able to take a salary from the company since the revenue would not exist without my continued effort and I would be doing the work of managing and paying vendors? Or will the judgements completely take all revenue the second it comes in, in which case I would just stop wasting my time and the revenue would stop anyway....It seems like the best option to try and get some value from our assets so that the people we owe get paid as much as possible. But I don't know if that can happen if I can't pay myself for keeping it going.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

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Law, I was personally discharged in a chapter 7 bankruptcy

For Drake Law, I was personally discharged in a chapter 7 bankruptcy case. During the bankruptcy a creditor bank filed a lawsuit against another entity I owned 50% of, this other entity was just an asset I had and had nothing to do with the creditors orany personal guarantees. I claimed that they were violating the BR stay, the bank creditor claimed that they were not pursuing ME personally because they only named my company and not me personally, ( semantics) however is NY State supreme court they claimedin court papers numerous times that I was the alter ego of the company so they have can have it both ways? My question here is the legal definition of "alter ego" if they claim that I am the alter ego of XYZ company isn't that the exact same thing as sayingthat I am personally XYZ company?

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Maverick

Doctoral Degree

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I have a Restaurant that i have owned and run year without

Hello i have a Restaurant that i have owned and run for a year without taking any wages . My wife also works there she has taken no wages for a year and a half. The restaurant isn't making any money and we feel we are wasting our time . Bot***** *****ne isthis the LLLC bank account has 20 k in it right now it started at like 5 k when we opened . Well we are looking at an exit strategy but we already have 90k into this and 1 year and a half of labor . We are trying to sell it but just in case we can't we wantto start planning .I have two options . Number 1. start paying my wife until the day we have no money then close and file for bankruptcy . WE have no debt except for a 5 year lease . plan number 2 just hiring a manager and let things go the same until we runout of money . My specific question is if i pay my wife to manage at a reasonable salary will this be scrutinized ? can we be expected to work for free in our own business or do we deserve to get paid like everyone else. ? Next question is if i just closeand leave town out of state what is the likelyhood that the landlord will find me and try to hold me to account for this lease ?

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WALLSTREETESQ

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Doctoral Degree

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