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Bankruptcy: A personal guaranty for debt

Question: I got into financial trouble because I tried to start a business and I just ran out of money. I saved up a lot of cash to try to start a business of my own and it just didn't work. Things cost a lot more than I thought they would and I never got enough investors to really get off the ground.

I was working at an insurance company in Buckhead and I wanted to start my own business selling custom T-shirts. So I got in touch with some friends from Georgia Tech and the University of Georgia and they agreed to help out. They also quit their jobs and we got some office space in Roswell on Holcomb Bridge Road and we tried to get the business off the ground.

We advertised in magazines, newspapers and on the internet.

I put a lot of the business debt in my own name. I had to guarantee most of the debt personally. Now I'm dealing with some large credit card bills and some loans that I personally guaranteed.

I need to know how fast you can go bankrupt because I can't deal with all the stress and I need to concentrate on finding a job and I just got an interview with a company in Cumming.

C.T. in Dunwoody, GA

Answer: It is very common for a bank or finance company to request a personal guaranty for any new business to which they lend money. Many businesses fail and banks and other lenders want to be sure that they can collect on any loans or other debt.

We have many clients who tried to start businesses that eventually did not work. The good news is that we can use the bankruptcy code to get rid of your personal debt obligations. By filing a chapter 7 or a chapter 13, we can alleviate your debt problems.

As for speed, we can file a bankruptcy very quickly. When we speak, we'll explain how to expedite a bankruptcy filing, sometimes through a mechanism called a "skeleton petition."

About Us

Too much debt? Too much stress? We understand what you are going through.

When you need to speak with a bankruptcy lawyer, just call us at 678-215-4106.

When experience, knowledge and results truly count, attorneys Bill Sherman and Valerie Sherman and the team at the Sherman Law Group will help you navigate the entire bankruptcy process. We proudly serve the entire Atlanta metro area and North Georgia.

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