If I'm a guarantor on a business loan, can I get out of it?

Answer by  tamarawilhite (17883)

No. If your name is on the loan as a cosigner or guarantor, you are legally obligated even if the marriage dissolves, the business goes under, or if any of the other guarantors go into bankruptcy. You should never cosign a loan for anyone, because banks do this when they think the requester cannot or will not pay.

Answer by  John (9008)

You will be stuck as guarantor for now. You may be able to get out of it as part of your divorce proceedings, but nothing less will do. Depending upon your state and situation, even a divorce may not suffice. You need to consult an attorney right away.