This form is a Guaranty. The form provides that the guarantor assures the full and prompt payment of all obligations incurred by the payor.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
If you find yourself unable to meet those obligations, it’s best to reach out to the lender or creditor as soon as possible. They may be open to negotiating a solution before things escalate.
Some personal guaranties can be structured to limit liability, such as capping the amount you could owe. It's wise to talk to a lawyer to explore your options.
Yes, if the business fails and you've signed a personal guaranty, you may be responsible for paying off any debts or obligations tied to that agreement.
You might need to sign a personal guaranty to secure financing for a business or lease, reassuring lenders that they have someone reliable to turn to if things go south.
Personal guaranties often come into play for small businesses or individuals seeking loans, especially when they lack substantial credit history or assets.
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