Go Back To Search Results Question My business and secured loans? We are going out of business , it is a corp. LLP . We have secured loans and leases for equipment......we signed the leases and loans as officers of the corp. Are we still personally responsible for these bills.......even if selling off assets wont cover all the bills. The leases are 4year non-cancellable leases , we have 3..We were in business only 9 months and now these lease company's wants us to keeppaying off leases no matter what. even if we return the security system and P.O.S. sysytem . Obviously we have no money But they dont care Time Payment Inc. - Micro Financial They said they wouldnt even credit fair market value for the return of Equipment..would bankruptsy keep us from losing our home since we lost all our savings .P.S. we have equity in the home , but now are getting close to forecloseure since we are tring to find jobs .....what a mess ....i guess we picked the wrong time to chase the american dream. By William R Posted on 01/03/09 Total Answers 1 Answers- Unless your home was used as collateral to get a loan for the business, and the business is really a Limited Liability Partnership, the home should not be subject to a bankruptcy filing by the business. Of course, the "Partnership" is still on the hook, and filing bankruptcy seems to be the best option, in this case. Answer by : mama_sayed On Date 2009-01-03 11:45:53   Go Back To Search Results