Legal Question in Credit and Debt Law in Texas

collection of business debt

I was the Pres. of a small resturant set up as a corp. The corp. ceased doing business because we could not pay our bills. I am personally paying all bank loans and IRS obligations but I cannot pay everything we owed at the time of closing. One of the vendors the resturant owed is trying to get me to pay the debt of the resturant although we had no contract and i have not signed anything saying I would personally pay the debt. I have tried to settle for less money and have made some payments towards the balance but I do not have the funds to continue. My question is, am i personally responsable for this debt?


Asked on 3/12/06, 7:49 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: collection of business debt

Unless you did something to accept personal liability for the corporate debt, you are not responsible. That doesn't necessarily hold with the IRS, or for any debts that you personally guaranteed.

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Answered on 3/12/06, 9:06 pm


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