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 filing personal bankruptcy and the creditors are coming after us. My question is why can't he file corporate bankruptcy and what advice can we get in dealing with the creditors. They are threating to start filing liens against my husband and me.
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 filing personal bankruptcy and the creditors are coming after us. My question is why can't he file corporate bankruptcy and what advice can we get in dealing with the creditors. They are threating to start filing liens against my husband and me.