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Reload this Page Delinquency on Commercial Loan

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Old 08-24-2009, 07:42 AM
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Join Date: Aug 2009
Location: Livonia, MI
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Delinquency on Commercial Loan

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
  #2  
Old 09-23-2009, 06:03 AM
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Join Date: Jan 2005
Posts: 346

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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