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I Guaranteed a Loan for Another Business. Will They Come After Me? – Vernal

“Dear Steve,

Self-employed, Signed on some loans for another person’s business, that person is not paying. Now they are coming after me and have put a lien on my property. And another loan, they got a judgement and zeroed out our bank accounts, have no money. everyone is coming after me. I own 2 pieces of land and a house that I owe $480k for. They are coming after my wife and she did not even sign the loans.

If I file for Chapter 7 will they take away my 2 parcels of land and 4 timeshares I own?

Or is Chapter 13 better? I just do not want to pay the loans that are not mine.

Vernal”

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The Answer

Dear Vernal,

This is not a situation that will get better with time. You really need to click here to find a local bankruptcy attorney and talk to them about your specific situation and bankruptcy.

I’m wondering if your wife was included since you may own some of those assets jointly. I’m not sure what you might have pledged as collateral for the loans. Please talk to a local bankruptcy attorney, soon.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

I Guaranteed a Loan for Another Business. Will They Come After Me?   Vernal
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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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