QUESTION
I am jointly and severally liable for a business loan. How do banks approach collections from multiple guarantors upon default?
Asked on Aug 28th, 2016 on Commercial Litigation - Louisiana
1 ANSWER
Business and Transactional Attorney serving Baton Rouge, LA
at
Quinn Law, APLC
Update Your Profile
Practically speaking, they go for the "low hanging fruit". Meaning, the person who seems the easiest to collect against. If they can find you, and you have decent assets, they will puruse collection. The guarantors who are "deadbeats" are generally left alone.
Answered on Sep 11th, 2016 at 7:55 AM