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You might be responsible for some or all of the debt. It depends what kind of guarantor contract you signed.
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∙ 10y ago
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Who is responsible for a corporation debt?
the corporation
Is the spouse of a deceased co-signer responsible to pay back a debt if the borrower goes bankrupt in the state of Georgia?
No. Georgia is not a community property state.
Will i get my money back if my travel agency goes bankrupt?
Not likely. Bankrupt means that they have no money.
Is blansett pharmacal bankrupt?
If they're not bankrupt yet, they soon will be!! All the money made (if any) goes into LB's pockets.
What happens to a bank loan when a corporation goes bankrupt?
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
What happens to your warranty when a company goes bankrupt?
If the Bankrupt company is just the retailer then the warranty is still covered by the manufacturer. If the manufacturer goes bankrupt then the retailer covers the warranty. The seller is responsible for a warranty. Clearly if the seller is the manufacturer and they go bankrupt then it's most unlikely that the warranty will remain in force.
If you are a co-signer and the other person dies are you still responsible for the debt?
Yes, that is the whole point of co-signing. Someone has to cover the debt. If one person dies, defaults or goes bankrupt then the co-signer is responsible. In death the estate is still responsible for the debt. If there is nothing left then the co-signer has to cover it.
Who is responsible for a corporation?
The corporation is responsible for the corporation's debt. Normally, there is a financial officer who pays the bills. If the corporation fails and goes bankrupt, people simply do not get paid. If the company is bankrupt and there is money, a judge appoints someone to pay according to a plan.
Who is responsible for a corporation debt?
the corporation
What will bankrupt solve?
When one goes bankrupt, one's debts are cancelled.
Is the spouse of a deceased co-signer responsible to pay back a debt if the borrower goes bankrupt in the state of Georgia?
No. Georgia is not a community property state.
Will i get my money back if my travel agency goes bankrupt?
Not likely. Bankrupt means that they have no money.
What should you do if your state goes bankrupt?
move.
If i cosigned on a loan then the person goes bankrupt then they default on a bankrupt what happen?
You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.
What does it mean when a bank fails?
It means a bank goes out of business or goes bankrupt.
What happens to the government if a company goes bankrupt?
Nothing.
Is blansett pharmacal bankrupt?
If they're not bankrupt yet, they soon will be!! All the money made (if any) goes into LB's pockets.
