Legal Question in Business Law in Arizona
Personal Guarantees with Old partner
I bought out my partner in 2007 and with the hardships of this year, we filled bankruptcy. One creditor has my old partner as a personal guarantor of the account that was signed in 2004. Will she still be held liable for this debt?
Asked on 10/13/08, 8:24 pm
1 Answer from Attorneys
Stephen Nebgen
Law Offices of Donald W. Hudspeth
Re: Personal Guarantees with Old partner
The person on the Personal Guaranty is still liable for the Debt. The only way the Guarantor is released of liability is if that person also files for bankruptcy.
Stephen
Answered on 10/15/08, 12:30 pm
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