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director liability and bankruptcy

I co-signed a business ( sole prop ) loan.

Am I liable if the borrower declares bankruptcy ?

Can the Bank or anyone else come after me ?
Can the Bank or anyone else come after me ?

Thanks a million for your input…….

Posted from: Ontario

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One Response to “director liability and bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

If you co-signed personally you are 100% responsible for that debt, regardless of what happens to the business. So if the sole proprietor files for bankruptcy the bank will come directly after you to collect the full balance of the loan.

If this is not your sole proprietorship and the only way you were connected with this business is by cosigning on a loan, then this loan is the only debt that can come after you.