QUESTION
i am one of the guarantors of a business loan and the bank want s payment in full form anyone and thats me apparently
Asked on Sep 25th, 2012 on Business Litigation - Hawaii
More details to this question:
would like to know if an attorney would discuss payoff to bank and get the interest fees dropped or i may have to file bankruptch as the business is no longer operating
1 ANSWER
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An attorney might be able to negotiate a compromise of this claim for you. As a general matter, when you are a joint and several guarantor of a loan, the lender can collect the entire debt from any guarantor. This is not good for you. The fact that your resources are limited is not good for the bank.
Answered on Sep 29th, 2012 at 10:37 PM