Legal Question in Bankruptcy in Texas

Being a Guarantor of Debt for a company that will file bankruptcy

I am a sec/tressurer for a small business (corporation) that will be filing for bankruptcy in the near future. Most of the corporations dept is in its name but there are a few credit cards and lines of credits that I signed as a guarantor. How will this bankruptcy affect me? Will have to file bankruptcy to advoid being responsible for this dept?


Asked on 2/16/01, 12:28 pm

1 Answer from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Being a Guarantor of Debt for a company that will file bankruptcy

If you signed a standard type of guarantee most likely you are liable for the debt. If the company files Chapter 7 bankruptcy, most likely the creditor will look to you for recovery. Whether you should file a bankruptcy yourself depends on your individual situation. It may be that some sort of work out could be negotiated with the creditor. Lawrence J. Maun (713) 266-2560

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Answered on 4/02/01, 10:24 am


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