• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Personal Guarantee on bank loan

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

skipper295

Junior Member
massachussettes

i had personally guaranteed a bank loan to a compnay that i now own a very small percentage in (less than 10%). I was forced to pay $2,000,000 on the bank loan when the company could not repay the money. I have now been released from that guarantee.

Do I have any recourse to recover any this money from the company? What would the process be?What is the name of your state (only U.S. law)?
 


tranquility

Senior Member
See an attorney. Yes, you can sue the company. But, you want to make sure you both win and collect as much as you can. For a $2 million dollar issue, an attorney should have been involved up front.
 

HomeGuru

Senior Member
massachussettes

i had personally guaranteed a bank loan to a compnay that i now own a very small percentage in (less than 10%). I was forced to pay $2,000,000 on the bank loan when the company could not repay the money. I have now been released from that guarantee.

Do I have any recourse to recover any this money from the company? What would the process be?What is the name of your state (only U.S. law)?
**A: please list time periods for each event.
 

skipper295

Junior Member
original guarantee dates back 5+ years and had been reaffirmed many times. note was called this summer 2011.

Can i go after the company for the full 2MM? or only 1/2 of that?

massachussettes

i had personally guaranteed a bank loan to a compnay that i now own a very small percentage in (less than 10%). I was forced to pay $2,000,000 on the bank loan when the company could not repay the money. I have now been released from that guarantee.

Do I have any recourse to recover any this money from the company? What would the process be?What is the name of your state (only U.S. law)?
 

Zigner

Senior Member, Non-Attorney
We don't have any idea how the loan, or your guarantee, was structured.

For a 7-figure issue, you DEFINITELY want to chat with an attorney - not an internet forum.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top