Would creditors sue me personally for recovery
September 30th, 2008 by Questions
I have personally gauranteed for my business to a line of credit, a few company credit cards as well as a private business loan. My company is going unders and I have no personal assets left. Would these creditors sue me personally for recovery? Can they put me into personal bankruptcy? I also have some personal credit card debts on which I plan to make minimum payments from a proposed employment.
Posted from: Ontario
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October 01, 2008 at 7:24 am, A licensed trustee said:
It is likely at least some (probably most) of the business debts you have guaranteed will try and collect from you if/when the business fails to pay. The reason they had you guarantee the debts was to give them recourse against you if the business fails…