Can you get out of a personal guarantee if you file bankruptcy?

Answer by  Rich (23)

Once a personal Bankruptcy is filed, any persoanl guarentee signed before and upto six months after discharge will be considered knull and void. A personal guarentee gives a company the right to go after you for the amount owed by the company you guarenteed.

Answer by  jblanco (25)

No, you can only get out of the account you included on your bankruptcy. When you first file you will be ask to submit a list of account and debtors. Once the trustee goes thorugh the list and approves or rejects items on you r list then you are no longer liable for those allowed accounts.

Answer by  Mary (2095)

Only if you have filed a personal bankruptcy. If it is a personal guarantee made for a business and the business has filed bankruptcy, then the business no longer has an obligation for the debt after the bankruptcy has completed. The person who made the guarantee is still obligated for the debt unless they file and have the debt discharged.

Answer by  nasemcsc (36)

There are two types of bankruptcy. As long as you declare the debt in a Chapter 7, then all debt is forgiven.

Answer by  cmass (26)

Certain obligations can be discharged in bankruptcy. When you file for bankruptcy you list all your debts, judgments etc. Your creditors can object to the discharge of your obligations. The court will ultimately decide what is discharged

Answer by  Anonymous

I have a personal guarantee with a bank my business partner did not pay are last 4 morgage payments. Is there any hope for me to save my assets before forclosure?