Legal Question in Credit and Debt Law in Ohio
Personal guarantor
If a company files bankruptcy but a member has signed a person guaranty . can they be sued for money owed seperately
Asked on 2/18/09, 3:05 pm
1 Answer from Attorneys
David Weilbacher, Esq.
Attorney at Law
Re: Personal guarantor
Yes. The reason to secure a personal guarantee is to ensure against a company's inability to pay. The bankruptcy of the company may affect the guarantor's ability to recover from the company, but the bankruptcy will not affect a creditor's ability to pursue the claim against the guarantor.
Answered on 2/18/09, 3:46 pm
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