The Dangers of Personally Guaranteeing Business Debt
The Wall Street Journal has a recent article outlining the perils of personally guaranteeing business debt. We often have clients that have done this, even putting up their personal home as collateral for business loans. When considering bankruptcy, it is very important to have all the loan documents available for your attorney to review so he or she can determine what has been listed as collateral and whether or not you have personally guaranteed the business debt. Often clients are unsure of whether this has occurred.
