Legal Question in Business Law in Indiana

personal guarantee

I had to sign a personal guarantee to obtain a ''job account'' from a vendor...We have money owed to my now nonexistant company, and have had a lien against the company that owes us money for over a year. In the meantime, the vendor that required me to sign the personal guarantee has sued and demanding their money because of the personal guarantee. I've lost everything, and have no assets. What can I do? Is my only option to file bankruptcy as I don't know when the money that is owed to me from the developer will be paid...if ever.

Asked on 11/19/07, 10:12 pm

1 Answer from Attorneys

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: personal guarantee

Contact a bankruptcy attorney for specific information. GEnearlly, if the debt is owed to you, you will need to list it as an a asset. The bankruptcy trustee will determine whether he or she will assert a claim against any company owing you money if the debt owed is personal to you.

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Answered on 11/20/07, 10:36 am

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