QUESTION
How to resolve a Guaranty of Payment debt made after dissolved partnership
Asked on Apr 21st, 2014 on Business Litigation - New Jersey
More details to this question:
I have a notarized letter dissolving our business partnership from May 2006. I just received a letter from a collections lawyer that since I signed an Unconditional Guaranty of Payment I am responsible for charges made by my ex-partner in 2011 of $7, 3009.09.
1 ANSWER
You can sue your ex-partner for any money you have to pay, but if you never notified this creditor that you were cancelling the guarantee going forward, you may have to pay the creditor.
Answered on Apr 21st, 2014 at 2:54 PM