Utah
My business is going broke. Long story, I was swindled when I bought the business. For the past two years I over-extended my personal credit to support the business. No luck.
Biz is a C-Corp. I signed quite a few personal guarantees for lease, vendors, etc. I have not taken salary since buying the business. I've loaned the biz money from myself and another biz I own.
If I file personal BK first will it remove the personal guarantees for the biz? Or, do I need to file BK for the business first?
Will my loan be considered along with the rest of business debts for pay back after liquidating the biz?
Will my non-paid salary be considered for pay back?
Thanks for your help.
My business is going broke. Long story, I was swindled when I bought the business. For the past two years I over-extended my personal credit to support the business. No luck.
Biz is a C-Corp. I signed quite a few personal guarantees for lease, vendors, etc. I have not taken salary since buying the business. I've loaned the biz money from myself and another biz I own.
If I file personal BK first will it remove the personal guarantees for the biz? Or, do I need to file BK for the business first?
Will my loan be considered along with the rest of business debts for pay back after liquidating the biz?
Will my non-paid salary be considered for pay back?
Thanks for your help.