More details to this question:
So I took out a 50k business loan to open a business, which i had to sign a personal guarantee. I paid back around 30k of the loan but after around 6 months and the business never took off, I had to close the business. So at that time I stopped paying on the loan as I couldn't afford it. So, I believe I'll be held responsible for owing that balance since I signed the personal guarantee. My question is should I even reply to the served lawsuit since I dont believe I have any legal recourse in disputing it?
1 ANSWER
CREDIT CARD COLLECTION DEFENSE Attorney serving Harrisburg, PA
Partner at
Law Office of Gregory M. Lane
First thing NOT to do is not reply at all. If you do not file an Amswer or any motions the Plaintiff wil likely seek a default which would then lead to a judgment against you anyway. By answering or filing any relevant motions you have a fighting chance to maybe raise a valid defense or possibly even negotiate something to settle for less than the full amount. Use the Find a Lawyer section here or contact your local county bar association for a referral.
Answered on Aug 04th, 2025 at 4:04 AM