Legal Question in Business Law in Illinois
Incorporation
I currently have a business loan with my house as collateral. If I incorporate my business will this protect my house in case of business failure or will it still be at risk because it was used as collateral?
Asked on 12/03/03, 6:38 pm
1 Answer from Attorneys
Thaddeus Hunt
Law Offices of Thaddeus Hunt
Re: Incorporation
Your house will still be at risk. Incorporating does not automoatically protect your house if the loan agreement states that your house is the security for the loan.
Answered on 12/03/03, 11:10 pm
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