Legal Question in Credit and Debt Law in Wisconsin

Yes, if there are guarantors or any other parties with joint and several liability on the loan, the bank can free pick and choose who they want to pursue. Usually that will be all, but occasionally, they will pick the more attractive targets first. Those are generally the folks who they believe will be easiest to collect from, such as those who own real estate, have large retirement accounts, or who have a steady paycheck. You, however, have the option to make the circle complete by filing third party claims. This way, your lawyer can bring other necessary parties into the litigation and thereby protect yourself from the danger than others may not pay their fair share. If you pay more than your share under your partnership agreement, you also have a right of subrogation. This allows you to seek contribution from others in order reimburse you for what you have paid. Finally, if you cannot afford all of this complex commercial litigation, the cheapest way by far for you to get out of this mess is via bankruptcy. For far less than what you would spend litigating all of this, you can file one "lawsuit" in the U.S. Bankruptcy court which will take care of all of your general unsecured liabilities, and even perhaps some secured ones, for total costs relative to a thousand dollars or two. While bankruptcy is your right under the United States constitution, it does not happen automatically. Rather, you need to retain your own attorney to protect you. You therefore owe it to yourself to first discuss these issues with an experienced bankruptcy lawyer. Please remember that I am not yet your attorney and will not be taking any action on your case, but you are still welcome to contact me during business hours at my in Racine if you still have more questions. Also, please see me on the web at www.jayknixonlaw.com, or, to read 15 years of my prior answers to consumer legal questions arranged by topic, please go to http://www.lawguru.com/answers/search/attorney/jknixon. Answers may contain attorney advertising materials.