What is my exposure?

[atlbiz]

What is the name of your state? Georgia

I am the co-owner of a business that is in financial distress. My partner owns 70% and I own 30% it is listed as an LLC.
The business has a bank loan for $150,000.
I have a CD worth $30k at the bank for collateral, and I signed my house as collateral
1. If we can't make those payments and the bank forecloses on the note, what is likely to happen?
2. Should I be speaking with an attorney about this now, and if so should that be made know to my business partner?

 

[seniorjudge]

What is the name of your state? Georgia

I am the co-owner of a business that is in financial distress. My partner owns 70% and I own 30% it is listed as an LLC.
The business has a bank loan for $150,000.
I have a CD worth $30k at the bank for collateral, and I signed my house as collateral
1. If we can't make those payments and the bank forecloses on the note, what is likely to happen?
2. Should I be speaking with an attorney about this now, and if so should that be made know to my business partner?

1. If we can't make those payments and the bank forecloses on the note, what is likely to happen?

A: You will lose your CD and your house.


2. Should I be speaking with an attorney about this now, and if so should that be made know to my business partner?

A: Strictly up to you....

 

[atlbiz]

Does the burden of the debt get split according to the percentage of ownership in any way?
For instance since I own 30% would I be responsible for only 30% of the loan or would I be responsible for any amount up to 100% if my partner filed bankruptcy?