Legal Question in Credit and Debt Law in Florida

Hello. Last July I sold my 50% of a business to the other half. When we started the business 1 year ago we had leased some equipment and I had signed as personal guarantor. Today my ex partner announced me that he closing the business. He still owes me a lot of money that I know i will never get. But i dont want to pay anything more to the leasing companies. What they can do me? Can they go after my assets? house, accounts etc?or destroy my credit the amount owned is 9000 and I am located in FL.


Asked on 12/01/16, 5:46 pm

1 Answer from Attorneys
Barry Kaufman The Law Office of Barry W. Kaufman

The creditor can certainly sue you on the personal guarantee. If it obtains a judgment against you, depending on your family situation, the creditors may be able to go after certain assets. They cannot foreclose on the house in which you live. If the creditor obtains a judgment, the credit reporting agencies will pick up the judgment as a public record. That may or may not affect your credit score.

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Answered on 12/01/16, 6:01 pm


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