Legal Question in Credit and Debt Law in California

division of a personally garanteed line of credit between partners who are split

We want to divide a credit line debt that we each garuanteed for the full amount. now we a splitting and want to divide the debt equally.


Asked on 3/14/00, 12:18 pm

1 Answer from Attorneys
Christopher Enge Law Offices of Christopher J. Enge

Re: division of a personally garanteed line of credit between partners who are s

First, you need an agreement between the two partners to make clear who owes whom how much. Second, you will need to get the lender to agree. The lender might not agree if it believes that one big loan with two people responsible is less risky than two little loans with only one person responsible for each.

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Answered on 3/23/00, 10:46 am


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