Personal Guarantee of business loan

I'm filing chapter 7 bankruptcy in florida. i have a few credit cards that are in business name that i had personal guarantee. from what i understand, the personal quarantee will be discharged but the card companies can file a judgement against the business. the business is an s-corp - no assets, but incme flows through the business to pay bills, etc...then pay myself. what are the consequences if cc company files a judgement?

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Jul 27, 2010
Personal guarantee of debt for an s-corp
by: Mary

Thanks for getting in touch.

I am not an expert on s-corps, so I am not qualified to answer your question. Since you are filing for bankruptcy, I assume you are working with a bankruptcy attorney. Therefore, you should talk with your attorney about your question.

If you are not working with a bankruptcy attorney, I strongly advise you to hire one. (Bankruptcy is an extremely complicated process and to maximize its benefits and avoid creating problems for yourself, legal help is essential.) If you do not want to hire a bankruptcy attorney for some reason, then I suggest you get your question answered by talking with a business attorney.

Best of luck resolving your problem.

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