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Thanks! Everything we have is joint property (ie auto's, land, home). My FIL has pretty well lost everything he worked 60+ years for including his home. Can you explain to me why the corporation could not declare bankruptcy, and why he would have to declare personal bankruptcy. The...

Thank your for your reply. I didn't know there was different types of "guarantee to pay". I assumed it was like a co-signer with a bank. I don't know if the corporation qualifies for corporation bankruptcy. The corporation is what brought him down personally. I don't understand the...

My jurisdiction is: Illinois My father-in-law owned 3 business which he incorporated making my husband vice-president. From time to time my husband would need to sign corporate papers but recently he unknowingly signed "guarantee to pay" papers. My father-in-law is now in the process of...