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Business Debt
Business debt gets complicated fast when you've personally guaranteed a loan or credit line — which is common for small business owners. Whether a debt is truly the business's or has become yours personally changes which options are even on the table.
Sound familiar?
- •Personally guaranteed a business loan, line of credit, or lease
- •Business credit cards opened under your SSN, not an EIN
- •Weighing whether to wind down the business or keep pushing
- •Worried personal assets are exposed because of how the debt was structured
Options people in this situation weigh
- Confirming exactly what you personally guaranteed — a lawyer or accountant can read the actual documents
- Negotiating directly with business creditors, who are often more flexible than consumer creditors
- Restructuring or, in serious cases, a business bankruptcy filing (distinct from personal bankruptcy)
- If the debt is genuinely personal (a personal card used for the business, for instance), the usual consolidation/settlement paths apply
Related reading
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