COVID-19 wrecked my furniture business of 30 years, but I personally guaranteed it. How do I declare bankruptcy without losing my home?

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 97%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The pandemic. wrecked my furniture business of 30 years, but I personally guaranteed it. How do I declare bankruptcy without losing my home? The Moneyist advice column helps out a reader in a tough situation:

I am a single woman, age 67. My home is paid for, and I have owned a small furniture business for the past 30 years.

I have an LLC, but I was informed that I would have to file personal bankruptcy for any debt the store has. It’s not over until it’s over, and you have not been knocked out of the game yet. I have seen people sell businesses, homes and stocks in a down market only to regret their decision months or a few short years later. If you love your business, do everything you can in your power to fight for it.

— The Moneyist “When you sign a commercial lease, even for an LLC or a CORP, you will almost always be asked to sign a personal guarantee,” says David Waltzer, a New York-based lawyer. “In the bliss of getting a new space, it is easy to gloss over the hazard at hand. I recommend that my clients NEVER personally guarantee a commercial lease except with a ‘good-guy guarantee.’”

“ ‘You have built this business up over 30 years. That’s longer than millions of small businesses, and most marriages.’ ”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines