Legal Question in Credit and Debt Law in Kentucky

liens
as a company owner i was involued in a project that needed by personal signature.project failed and judgement was obtained and company when out of business.i tried to pay amount but can't large amount.can they collect for ever on this money from only me?
i don't buy anything for fear of being taken away

Asked on 11/19/00, 9:39 am

E. Brian Davis Davis Law Office

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Re: liens

It appears that you personally guaranteed an obligation for

a now defunct business. The creditor wanted you to guarantee

the debt so that it would have someone to chase after if the

company failed. Unfortunately for you, that has happened.

You should have an attorney experienced in commercial litigation

review the guarantee itself, as well as the course of conduct to

see if you have any possible defenses. This presumes that you are not

too late to attack the judgment rendered against you on the guarantee.

Depending on the amount, you may seek to compromise the claim or even

consider filing a reorganization bankruptcy to get control of your finances

once again. Good luck!

Answered on 11/28/00, 4:07 am

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