I have a small retail busiess with a personal guarantee with both my landlord and a couple of creditors. I need to determine the best way to get out of these guarantees without filing personal bankruptcy.
2006-07-05 03:44:15 · 3 answers · asked by qst4sno 1 in Business & Finance ➔ Small Business
I was in the same situation. Unfortunately you can't, unless you sell the business, and even then it can be hard if the landlord or creditors want to play hardball.
Go ahead and file for bankruptcy. I did it, was discharged, and liquidated the buisness and ended up a little bit ahead with a lot of cash in the bank. It will be a huge weight off your chest, and you'll be able to get on with your life.
2006-07-05 03:50:41 · answer #1 · answered by cirestan 6 · 0⤊ 0⤋
You could try to refinance. Your business could take out a loan (say, from a bank) without personal guarantees and pay off the existing creditors requiring personal guarantees.
2006-07-05 06:12:03 · answer #2 · answered by NC 7 · 0⤊ 0⤋
fulfill them. anything less is poor ethics unless you are going down the tubes. it sounds like you want to weasel out on people that trusted you and gave you a hand and now you want to skate and stick it to them.
2006-07-05 03:51:24 · answer #3 · answered by glen t 4 · 0⤊ 0⤋