Personal Guarantee

by Morgan
(Savannah, GA)

If I am a personal guarantee on a credit account, can the company take property that me and my husband own jointly?

Comments for Personal Guarantee

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Sep 08, 2010
personal guarantee on joint account
by: Gerri & Mary

When you personally guarantee alone you agree to be 100% responsible for that debt. If the primary borrower defaults and you cannot pay the creditor or collection agency can take legal action against them, you, or both of you.

In terms of what assets they can go after, that would depend on the property exemptions in your state. we can't give you specific legal advice, however, you can get specific advice on what property is protected, and what creditors can and cannot do to collect from you if you talk with a bankruptcy attorney. You may want to go ahead and set up a free consultation with a bankruptcy attorney in your area to discuss your concerns. our experience is that most consumers to do this find it helpful in relieving some of the stress they are experiencing when they are worried about what can happen to them if they can't pay a debt.

We hope this helps!

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