No PG? Can defaulting borrowers be chased by lenders?

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by a professional from University of Southern California - Marshall School of Business
in North Palm Beach, FL, USA

1yr ago

No PG? Can defaulting borrowers be chased by lenders?

Has anybody wondered whether lenders can come after defaulting borrowers who don't provide a personal guarantee?

BTW, I've seen it successfully done to some of the misdirected people graduating from the "buy businesses using no money," and other topics pitched by the charlatans preying upon naïve searchers.

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reply by a lender 1yr ago
from University of Southern California in Los Angeles, CA, USA

Don’t understand the question. If a personal guarantee is not given then the corporate borrower is different from the person that owns the business. They can’t come after personal assets unless they can prove fraud.

reply by a professional 1yr ago
from University of Southern California in North Palm Beach, FL, USA

I'm sorry for posting a confusing question. I'm going to write an article on this topic and then I'll provide a link to it. (There are lots of ways I've seen the corporate veil pierced, , successfully. And you are correct that fraud is a way individuals cannot be protected by their corporation.)

Stay tuned for more on this:
Piercing the corporate veil is a legal doctrine that allows plaintiffs to hold individuals personally liable for corporate debts or wrongdoing. Generally, corporations are treated as separate legal entities, which means the liabilities of the corporation do not extend to the personal assets of its owners, shareholders, or executives. However, in certain cases, courts may disregard this separation if the corporation is found to have been used as a shield for fraudulent or improper conduct.