Legal Question in Business Law in New Jersey

Re: Co-guarantee on Business Loan

I agree with Bob that you have a slim chance of getting the guaranty removed. You do not say why you are no longer active in the business or why you still have stock? Are there business assets that can be substituted for collateral for the loan that might induce the lender to release your guaranty? Maybe the other stockholder will do something for your stock. When you left the business did you ask that the other owner give you an indemnification for the loan? There may be things you can negotiate to reduce your exposure or even eliminate it. I also suggest speaking with a good business attorney to assist you.

Re: Co-guarantee on Business Loan

with this much money involved, you must consult with an attorney. you have a huge problem on your hands.

the person who expects to get paid has got your guarantee that it will be paid. why would he agree to just let you go?

i do indeed do this kind of work; i can also refer you to a couple of smart lawyers who also do this work. but please, get someone to help you quickly, before this turns into a lawsuit against you or something equally bad.

If you would like, give me a call; I am in northern New Jersey. I will be happy to discuss this with you; the telephone consultation will be free.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

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