Legal Question in Credit and Debt Law in Texas

being sued for 120k for default credit on corporation

I am being sued for approx. 120k for a defaulted credit/loan to a supplier of a corporation I was 1/3 shareholder. There is a personal guarantee in play in which I and one other shareholder signed in order for the corporation to recieve the credit. The corporation is no longer doing business. What is my actual liability, and do I need to employ council to deliver an answer to the court.


Asked on 6/21/09, 8:19 pm

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Re: being sued for 120k for default credit on corporation

Yes, hire a good lawyer...there may be defenses..

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Answered on 6/22/09, 8:53 am


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