How many years does personal guaranty is valid for after filling for Chapter 7 business liquidation?

Asked over 1 year ago - Fort Lauderdale, FL

I had filed for Chapter 11 that turned into Chapter 7 business liquidation in 2009. How many year does a personal guaranty loan expires after Chapter 7 business liquidation? Thank you!

Attorney answers (4)

  1. Richard Allan Heller

    Contributor Level 13

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    Answered . I assume the contract was entered into in Florida and the the laws of the state of Florida are at issue. The statute of limitations on a written instrument is five years. However, when the five years begins to run and ends becomes a question. A consultation with an experienced attorney would be of great assistance to you.

    The response given is general in nature and based upon limited information. It does not and cannot replace that... more
  2. Jeffrey David Solomon

    Contributor Level 11

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    Answered . As a Broward County bankruptcy attorney, one point should be clarified with your question. I do assume you filed a corporate bankruptcy and had a separate personal guarantee. Then I would agree with the responses. You might now be beyond any statute of limitations which in Florida is 5 years on a written instrument. If your prior bankruptcy was in your name and you received a personal discharge after the conversion to chapter 7, then the guaranty should already be discharged.

    The questions and answers posted on AVVO are for general information and should not be treated as legal advice or... more
  3. David Lloyd Merrill

    Pro

    Contributor Level 14

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    Answered . Mr. Heller is right.

  4. Scott Steven Sheffler

    Contributor Level 7

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    Answered . The language of the guaranty should provide the answer to your question.

    For example, if the guaranty is "continuing and unconditional", the fate of the business entity (I'm assuming for purposes of answering this question that the business was a corporation or LLC), may not relieve you of obligations arising out of the guaranty,

    You should consult with an attorney to review the guaranty and the facts surrounding your particular matter to determine an appropriate strategy relating to your liability under the guaranty.

    This reponse is for general purposes only and does not establish an attorney-client relationship. You should... more

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