Legal Question in Business Law in Kentucky

I am a co-gaurantor (with three others) on a loan for a development. With the downturn in housing of course the development is in trouble and the members of the LLC (the gaurantors) need to input money to keep it afloat. One member refuses. Without this members contribution we may all go into bankrupcy if the debt cannot be paid. Do we have any recourse to force this person to participate. Must we all file bankrupcy? Any other reasonable options?


Asked on 12/30/09, 2:52 pm

1 Answer from Attorneys
Thomas McAdam Thomas A. McAdam, III, Attorney

It is not possible to give you a clear legal answer to your inquiry without a more detailed evaluation of the facts of your case.

It is virtually impossible for an attorney to advise you of your rights and obligations under the terms of written contracts, such as your loan agreement and LLC agreement, without having an opportunity to review those documents.

You should consult an attorney as soon as possible, and explain all the facts to him. You are best advised to seek the services of a competent Kentucky attorney. You can telephone your local bar association for a referral, or can find a good lawyer on-line at the Kentucky Bar Association's Lawyer Referral Service:

http://www.kybar.org/Default.aspx?tabid=291

Good luck!

Thomas A. McAdam, III

Attorney at Law

234 South Fifth Street

Louisville, Kentucky 40202

(502) 584-7255

[email protected]

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Answered on 1/05/10, 10:13 am


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