Legal Question in Bankruptcy in Florida
Plan B - L.L.C. business loan/credit debt that is personally guaranteed. Need to understand risk, and options.
Asked on 4/17/18, 9:32 pm
1 Answer from Attorneys
Levi Wilkes
Levi Lawrence Wilkes, Attorney-at-Law, PLLC
The nature of a personal guarantee is just that, a personal guarantee. Therefore, if you opted to get a loan for the business that was personally guaranteed then the creditor may collect from the business and/or yourself should the business be insolvent or wind up. See an attorney if you need more explanation or your options in a particular situation.
Answered on 4/18/18, 7:12 am
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