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What disadvantages do personal guarantees provide?

What Are the Risks Associated with Personal Guarantees? The primary risk of signing a personal guarantee is that if your business fails to make its debt payments, youll be responsible for paying back the loan with personal assets.

How does a personal guarantee work?

The term personal guarantee refers to an individuals legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance.

Is a personal guarantee legally binding?

Yes, a personal guarantee is a legally binding contract that holds the guarantor(s) (the person or persons signing a guarantee) responsible for loan repayment with their personal assets.

What happens with a personal guarantee?

If you sign a personal guarantee, you are personally liable for the loan balance or a portion thereof. If your business later defaults on the loan, anyone who signed the personal guarantee can be held responsible for the remaining balance, even after the lender forecloses on the loan collateral.

How do you protect yourself from a personal guarantee?

How to Limit a Personal Guarantee Refuse to sign or simply cross out the guarantee language. Define when the personal guarantee would go into effect. Decrease personal guarantee with improved business performance or passage of time. Limit a guarantee. Revoke old guarantees. Suggest terms of relief.

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