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Title : Common Questions About SBA Loan Personal and Corporate Guarantees
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Common Questions About SBA Loan Personal and Corporate Guarantees

Question: If I file for personal bankruptcy, can the bank still legally come after my business and shut me down?

Answer: Yes - Assuming the business assets are owned by an entity other than you (such as an S-Corp, C-Corp, LLC etc), the bank can still usually go after the business assets. This assumes that the bank required the aforementioned corporate entity to act as a borrower or guarantor, which is the case in 99.99% of cases. Having your personal guarantee discharged only relieves you of personal liability. In other words, they can't go after your personal assets (unless they were pledged prior to the BK) such as your home, bank accounts, or paycheck.

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