You are here:

Bankruptcy Law/Personal Guarantee

Advertisement

Expert: - 5/29/2009


Question
As the CEO of a california public company, I was required by our lender to sign a personal guarantee for a corporate loan of over $2,000,000, although my assets were no more $200,000.  The company filed Chapter 11 that then was converted to Chapter 7.  The lender has sued me for the personal guarantee...trial is scheduled for August, 2009...will personal bankruptcy save my home?  Do I have any defense for this trial?

Answer
Whether your home will be protected in a bankruptcy case depends on the amount of equity in it, the value of your other assets, and the exemptions laws of whatever state is applicable to your case.

To see more about exemptions, visit http://www.bklaw.com/exemptions.html

As for whether you have a defense to the state court action, that is not a bankruptcy question and you would need to direct that to a business litigation attorney.

Bankruptcy Law

All Answers

Answers by Expert:

Ask Experts

Volunteer

Mark J. Markus- California Bankruptcy Attorney

Expertise

Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

Experience

Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

    • ©2012 About.com, a part of The New York Times Company. All rights reserved.