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Delinquency on Commercial Loan

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T

Teadeh

Junior Member
What is the name of your state (only U.S. law)? Michigan

I have an LLC that holds the title to an Appartment complex. Doing a short sale where I will be about $250,000 short. I have personal guarantee on the loan thus the bank can come after me personally. Should I file bankruptcy on the business level or personal level?

Thanks
 


G

GaAtty

Member
GaAtty

It depends on several things. If your LLC can pay the debt, then you will not have to do a personal bankruptcy. The creditors will not come after you if the debt is paid. If your LLC cannot pay the debt, and you cannot pay it either, then you will have to do a personal bankruptcy because they will eventually sue you personally.
 
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