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A personal guarantee can be enforced the same way as any debt. If the business owner does not pay, the creditor can bring a lawsuit to receive a judgment and levy the owner's personal assets to cover the debt. The exact terms of a personal guarantee specify a creditor's options under the guarantee.
A personal guarantee is a provision in your loan contract. When you agree to it, you're taking personal responsibility for the loan if the business defaults and can't repay it. In other words, if your business goes under or gets behind on loan payments, you are required to use personal assets to satisfy the debt.
When a company goes under, it's common for someone who has signed a personal guarantee to wonder if there's a way to get out of it. However, unless the lender agrees to waive it (which would be unlikely), or some fundamental flaw exists in the agreement, the personal guarantee will remain binding.
The Arizona Insurance Guaranty Funds were established in 1977 by state law to provide protections to Arizona residents for covered claims. If you are an Arizona resident insured by a licensed insurance company that becomes insolvent, part or all of your covered claims may be paid by an insurance guaranty fund.
How do I get rid of a personal guarantee? A personal guarantee may be revoked if the guarantor and lender agree, in writing. It's also possible that debts enforced by a personal guarantee may be discharged in bankruptcy.
Can you cancel a personal guarantee? It may be possible to negotiate your level of personal liability with the lender, or potentially arrange a payment plan to repay the outstanding amount, but this is by no means assured.
What is a personal guarantee? A personal guarantee is a legal promise. By signing a contract with this provision, you agree that you will be personally responsible for the business's debts if the loan goes into default. SBA loans require personal guarantees, as do many loans from online and traditional lenders.
How Long are Personal Guarantees Enforceable for? In the absence of any clauses saying otherwise, the guarantor is liable for the debt until the primary debtor, i.e. the business, is released from the debt by the creditor, usually by repaying it in full.