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  1. #1
    Join Date
    Dec 2007
    Posts
    2

    Question Personal Guaranty

    I signed a personal guarantee for a friend that was leasing equipment for his company. He filed for Chapter 13 and the leasing company is requesting full payment from me and have reported me to the credit bureau. Shouldnt the creditor wait for the bankrupcy judgement? Any thing I can do to keep this creditor off my back. I am in Colorado. Also can I dispute with the Credit Bureau that I am not the direct debtor and that the case is in court?

    I appreciate your help

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Personal Guaranty

    Well, your friends BK will (probably) release him from the debt but since you are a guarantor of the debt and (presumably) you are not filing BK, guess who owes the total debt now just as if they were the original debtor??

    You can dispute with the CRA's but it will do no good because the debt IS yours.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Personal Guaranty

    Were you named as a possible creditor in the bankruptcy?

  4. #4
    Join Date
    Dec 2007
    Posts
    2

    Default Re: Personal Guaranty

    Yes since I loaned him some cash too

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