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Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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If I sign a personal guarantee as one of the share holders

Customer Question

If I sign a personal guarantee as one of the share holders of an S Corp (based in FL) and it files bankruptcy, what assets can it go after?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

Your personal guarantee if in your name only, would make you personally liable for any debt the S Corp has, that was guaranteed, the S Corp filing bankruptcy in no way helps you, as you are still personally liable

JACUSTOMER-pi0al4f2- :

What if I file for personal bankruptcy because I could not afford to pay? Am I still on the hook? What assets can it go after?

WALLSTREETESQ :

if you file a personal bankruptcy than all your obligations are discharged,

WALLSTREETESQ :

you would not ow anything,

WALLSTREETESQ :

The creditors of the corp would have to sue you personally and than they could collect on you, typically through a wage garnishment,

WALLSTREETESQ :

or lien on property

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

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