Legal Question in Credit and Debt Law in Michigan
personal gaurantee to supplier
i signed a personal gaurantee with a supplier for 5000 over time unknowing to me the increased credit levels now i owe 50000. does anyone know what i should pay. my corporation has become insolvent due to falsified book keeping also
2 Answers from Attorneys
Re: personal gaurantee to supplier
We do a substantial amount of collections work, representing both the debtor and the collector. There are several issues which i'd needed more facts, when dealing with a Personal guarantee. I would imagine you are going to be held liable, however there are specific rules regarding Personal Guarantees which need to be followed to the letter, a mistake would allow you to escape liability. After all that's why you had a corporation in the first place. As always I would suggest you consult an attorney because what you write in a three sentence posting never completely tells the story and that might change the diagnosis. Contact us at www.garmokiste.com
Re: personal gaurantee to supplier
this is an interesting matter. I have over 12 years experience handling matters of this nature. Visit me at www.kliszlaw.com to discuss strategy. Tim Klisz
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