Hi I was wondering I know a guy that had a real estate company that went bankrupt. 20 million he owes...Is there any chance that they will come after him personally
Are you serious? If you are, then yes, they'll chase him for life. Whether they get anything depends on other factors you're not mentioning and may not be privy to. You can't get water from a rock. He could always file for bankruptcy, in which case the bank will pretty much be screwed, especially if the guy is truly broke, as there's every reason for all the lawsuits and judgments to be consolidated and discharged by the bankruptcy court after the creditors take whatever scraps they can get (after fighting with each other over the most prime scraps, if there are even scraps).
It's kinda funny because I talk to the guy and he tells me that he kept all his personal assets separate and that legally they can't come after him. I don't know though I remember Donald Trump almost filed for bankrupcy
Trump has filed several times...but all to do with his companies, not himself personally (came close, but never happened). Filing business-wise, they could restructure everything so the companies get something out of him.
1) Didn't he have to pledge a lot of personal property as collateral for loans? 2) If he borrowed "mafia money", his personal property isn't "safe". :eek:
Yes, provided that the corporate loans were not secured by a personal guarantee. Lenders may require such guarantees from the principal shareholders of newer or otherwise borderline corporate entities as added comfort.
Yeah I don't know...he claims everything was on the up and up. He's worth millions. probably 10-15 million.
I've known some not-too-honest people that were able to hide some long coin from the BK court.. it's probably easier to do on the up and up, there are a number of ways to incorporate in the US, it varies from state to state.