Unsure of Outcome?

[Bhood]

From Indiana, my financee' and I own a business together. My finacee' also owed another business when we first met. He had trouble with his business and ended up in bad shape, due to people not paying etc. He agreed to use the buisness we own together as collateral for debt he owed until he could get it paid. His and my lawyer told me that in order for them to use the property I had to sign also, allowing him to use the property as collateral. Consequently he did not get the debt paid and the other party went to court. They not only sued him they sued me also. Now we are having to make payments on this debt and if we are late on a payment they will not only garnish his wages they will mine too. What I want to know is how did the debt from my partner's other business become mine considering that I was not a partner or had any interest in that business. All my lawyer told me was that I was agreeing to use the business my partner and I owned together as collateral for my partner's debt. He never told me that I would assume responsibility for the debt also. I feel that I have been taken to the cleaners. If my lawyer knew that I would assume the debt by signing and allowing my partner to use the business owned jointly as collateral for his other businesses debt, was it not unethical and wrong for my attorney to not make me aware of the consequences of signing. I guess my question is now since I have acquired a 20,000.00 debt by neglect on lawyers part, Can I sue him for misrepresentation and regain money for a debt that was not mine until my lawyer decided to give it to me?

 

[I AM ALWAYS LIABLE]

My response:

Just what did you think the word "collateral" meant ?

What did you think you were doing by putting your business up as collateral for his debts ? You knew exactly what you were doing when you put up your business to guarantee his debts. And, when your boyfriend (no less) caused a vacuum to be created, he sucked your business right down the toilet with him, just like he did to his own business. And, now, knowing your boyfriend's track record, you have the audacity to claim "ignorance" and wanting to shift the blame for your own stupidity ?

Take responsibility for yourself. After the fact, you're trying to find a scapegoat. You knew all along what this meant, or you wouldn't have done it.

IAAL