We have a contracting company and because of the economy we have fallen behind and are considering closing. We are incorporated but loan papers we have signed uses our home and other personal property as colateral. If we close, what will happen?
Asked on 11/20/10, 2:55 pm
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
As a franchise attorney I can tell you the answer is simple. If the corporation closes, the bank, etc. will look to the collateral to satisfy any debts that are not paid in a timely manner. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Attorney
Franchise Foundations APC
Answered on 11/26/10, 5:40 am
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