Legal Question in Business Law in North Carolina

i have a business that is a s corp. The business has failed but come to find out that I am a personal guarantee on the lease but I declared bankrupcy last year. Will I still be obligated to pay for the lease or is there a legal aspect to this.


Asked on 12/20/10, 3:16 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

As a Franchise Attorney I can say this. The answer depends on whether you personally filed for bankruptcy and listed the lease on the bankruptcy paperwork. If just the business filed bankruptcy, then the personal guaranty is still effective. But all of this requires a detailed review of all relevant documents. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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Answered on 12/27/10, 8:37 am


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