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Personal guarantee to supplier

I'm a subcontractor and a manager but not owner of a local LLC. I signed a personal guarantee for one of our suppliers and the company I work for defaulted on payments. The supplier never filed liens against the jobs when they had the rights. I have no assets, am I able to get out of this personal guarantee?

1 reply

Nov 20, 2022

You cannot get out of the personal guaranty. Whether the guaranty is enforceable is a separate question from whether the beneficiary of the guaranty can collect any money. Another thing to keep in mind is that if you are married, in the state of Arizona, both spouses must sign the personal guaranty and if they do not then the guaranty cannot be used to attach or seize assets of the marital community.

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