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Bankrupty – Personal or Business

If a person is granted a small business loan from a bank and the business subsequently fails, is that person responsible for personal bankruptcy or can a bankruptcy go against the business? If so what is the impact on the person?

Posted from: Ontario

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One Response to “Bankrupty – Personal or Business”

A licensed trustee said...

Whether or not the individual is responsbible for the debt depends on whether or not they signed for it personally. Most small business loans are personally guaranteed which means you actually sign for it twice – once as the bsuiness and once as yourself. If you sign for any portion as yourself then you will be held responsible for that portiuon of the debt.

If you aren’t sure or don’t know then call the lender and ask them whether or not you are personally responsible. In most cases, when a person doesn’t know they are….