Legal Question in Business Law in Illinois
Personal Guarantee
I used to work for a trucking comapny as a manager. Back in August 2007 they purchased GPS units for the trucks on lease, and I signed the contract without knwing that I am signing a personal guarantee. Well, the company just went bankrupt and the GPS lease company wants me to pay them $18000. My question is why do I need to pay if I have no ownership in the company, it is not my company, I was just an employee? Is there any way I can get out of this contract?
Asked on 1/21/08, 2:35 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: Personal Guarantee
I hate to put it this way, but you are in a tough spot. Unless you can prove some sort of fraud or duress, you are probably responsible for this debt. You should contact an attorney to review the contract and discuss your options.
Answered on 1/29/08, 1:21 pm
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