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Closed C-corp being sued

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finemess

Junior Member
What is the name of your state? SC

I had a c-corp that I closed year and a half ago. I was making payments on a promissory note but now all the cash is gone. It was originally a credit line (that had the inventory as collateral) but was converted to a promissory note. My copy of the note does not have anything listed as collateral. I did sign a personal guarantee either. I was told I didn't need to declare BK on the corp because I have lots of assets. I have plenty of inventory left that I have not been unable to get rid of. It is worth (retail) 10 times the amout of the loan. At cost it is worth about 3 times. I tried to offer it to the bank but they said no and are suing me for the cash. They wanted me to put it on my house but I said no way. If I go to court can I offer to turn over some of the assets and at what value(retail or wholesale)??? Do I need to get a lawyer(I am broke and out of work). What should I do?
 
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