Legal Question in Credit and Debt Law in Texas

I went out of business in Jan. of 09 due to the recession. I have 3 business loans with a local bank. One of them personally secured, with stock, by myself and business partner. The other 2 loans are not secured and they are borrowed under the business LLC. I am not presently employed and the partner has suffered extreme cuts in salary due to recession. Are we liable to pay the unsecured notes off, or is our credit and personal assets protected under the LLC if we default on the notes? Thank you, Darcie

Asked on 1/13/10, 9:41 am

Donald McLeaish McLeaish&Associates;, P.C.

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normally such loans require personal guarantees...depends on lender..but if no guarantees your are protected...call us if we can help

Answered on 1/18/10, 3:06 pm

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