Having a business lease that is personally guaranteed, can they come after my home?

[Christine_C]

Own a small retail business. Have a lease with 1 1/2 years left and a personal guarantee. I am an s corp. May have to declare corporate and personal bankruptcy. Is my home on the line?

[Common_Sense]

Not if the debt is covered in the bankruptcy.

[wizjp]

By definition that's a "Personal Guarantee"

[Landlord]

No, not unless you put it up as collateral. The debt will go with the bankruptcy. In the odd chance you did put the house up, yes, it is gone.

[patrick]

If you file BK, your primary residence is excluded from the proceedings.
If you do not, and live in a Homestead Law state, then they can not come after your house.
Even if you dont, they can only get a lien on it, and you will not be forced to sell.
However, when you do, they will get the money you owe, plus interest.