Legal Question in Credit and Debt Law in Florida

Small business

I guaranteed the credit card for a small business. My business partner defrauded me and the other investors. (It is a publicly traded company). I am left with huge credit card balances. What can I do to buy time with the creditors? He knows we don't have the money to go after him legally. He is the brother of a high profile person that is serving time now for Tyco Company. He was investigated during the Tyco trial by the SEC. He knows how to scam innocent investors. I really could use some help.


Asked on 1/24/08, 2:44 pm

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: Small business

If he is assetless, you are the deep pocket. You can negotiate for time with creditors or declare bankruptcy. My clients never sign guarantees.

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Answered on 1/24/08, 3:18 pm
Tonia Troutwine, Esquire - Troutwine Law Group. LLC

Re: Small business

your liability under these circumstances will depend greatly on the terms of the guarantee and any independent fraudulent behavior of your partner that was not for a specific business purpose.

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Answered on 1/25/08, 8:04 pm


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