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personal guarantee on bank loan
Columbus, OH
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Posted 2 months ago in Debt / Lending Agreements
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we may not be able to hold on to a business a partner and myself have had for approximately 4 years. We signed a personal guarantee on a sba backed loan. Can the bank come after all our assets such as home, cars, personal belongings, 529 and 401k plans, etc.
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Answers (1)
John Michael Drain Jr.
This attorney is licensed in Ohio.
Posted 2 months ago.
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Yes, the bank can go after your personal assets. Check to see if 529 plan may be exempt from attachment, also the 401K plan, but in general the bank can try to collect from any personal assets.
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