Getting out of Business Loans

[sportsman51]

What is the name of your state (only U.S. law)? Louisiana
How can i get out of business loans without affecting my personal credit. My LLC folded in April 2008.

 

[Antigone*]

What is the name of your state (only U.S. law)? Louisiana
How can i get out of business loans without affecting my personal credit. My LLC folded in April 2008.

Do you remember signing a personal guarantee???

 

[sportsman51]

As far as I remember, I did not sign a personal guarantee. One loan was a simple business loan from my local bank, the other is a loan from the local parish (county) govt, who provide low interest business loans to small businessmen.

 

[Bankster]

bankster

Do you remember signing a personal guarantee???

Yes i did sign the personal guarantee for the bank credit line. i am thinking filling chapter 7 Business Bankruptcy can not afford to make the payments
being in housing products business my business is slashed 50% in sales, still strugling just to survive

 

[Antigone*]

Yes i did sign the personal guarantee for the bank credit line. i am thinking filling chapter 7 Business Bankruptcy can not afford to make the payments
being in housing products business my business is slashed 50% in sales, still strugling just to survive

um....ok...so you hijacked this poster's thread just to tell us that?