Legal Question in Business Law in Illinois
Personal Guarantees
As President of an S-corporation and general manager, I have signed personal guarantees with several vendors and on unsecured notes payable. How binding is that guarantee if the business files bankruptcy?
Asked on 4/29/04, 4:35 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: Personal Guarantees
Very. The personal guaranties are YOUR obligations, not the corporation's.
Answered on 4/29/04, 8:49 pm
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