Subscribe to our mailing list

X

If I Personally Guarantee the Loan to Start a Company Am I Responsible for It? – Christina

By on July 11, 2012
If I Personally Guarantee the Loan to Start a Company Am I Responsible for It? – Christina

“Dear Jon,

im about to start coorporation. the guy told me i can use my credit and be a personal guarantor. he says if my company goes south, my personal assets(home) would not be affected if i were to file bk on the coorporation?

would my personal assets/credit be affected if i filed bk on my coorp and i was the personal guarantor? i would hate to lose my home and personals.

Cristina”

Cristina,

Not knowing exactly what country you may be in, or if in America which state, I can give you a general answer to your question, but laws can vary among countries and states.

In most places/countries I know, if you guarantee a loan for a business, you are personally liable or responsible for the loan if the company goes bust. Which does place any of your personal assets, such as a house or property at risk.

So I would question the advice you were given.

If you care to email me as to who and where this advice was given, I will look further into this for you.

Regards,

Jon

Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.

If you have a question you’d like to ask about how to get out of UK debt, just use the online form. I’m happy to help you for free.

READ  I Owe $150K in Credit Cards Because of My Small Business

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Jon Emge

Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques. If you have a question you’d like to ask about how to get out of UK debt, just use the online form.

Share a Comment / Leave a Reply

%d bloggers like this: