filing bankruptcy and personal guarantees reside in IN

[miss lucy]

our farm is in serious financial trouble due to the fact that 3 lending institutions filed bankruptcy before they funded a crucial part of our expansion. we are now unable to fulfill producer projections and we are being monetarily penalized, something that we can ill afford right now. we have not made the final decision to file yet. it is of course the absolute last thing we want to do. our farm is an LLC. several family members who are an active part of our farm including myself signed personal guarantees to the loans that were fully funded. if bankruptcy is decided upon for the farm will we have to file personal bankruptcy as well to protect our personal assets? thanks for your time.

 

[dorenephilpot]

You definitely need to consult w/an attorney who does business bankruptcies.

This is not something you'll want to handle yourself.

My bankruptcy experience is limited to Chapter 7s, so this is out of the realm of my expertise....