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Troy Michigan Debt Settlement Attorneys

Troy Michigan Debt Settlement AttorneysCredit Card and Debt Settlements – at Garmo & Kiste, PLC we are proud of the settlements we have been able to get our clients on all sorts of outstanding debts.

Here are some of our hall of fame debt settlements results:

$197,103.00 settled for $26,000.00 in Oakland County.
$100,000.00 settled for $24,000.00 in Oakland County.
$54,000.00 settled for $5,000.00 in Wayne County.
$48,000.00 settled for $8,000.00 in Macomb County.
$52,000.00 settled for $11,000.00 in Wayne County.

As you can see many of these debts were settled for mere pennies on the dollar. Even if you do not have a large lump sum available, we may be able to negotiate an upfront payment followed by a payment plan. This will stop creditors calling and can even prevent litigation.

To retain Garmo & Kiste, PLC, for assistance in debt settlements call us at (248) 398-7100 for a free consultation or contact us with a private message.

Troy Michigan Debt Settlement Attorneys: We are experienced Michigan attorneys with offices in Troy, MI and would be willing enough to take care of your debt settlements.

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Assess Your Options with a Personal Guaranty

Assess Your Options with a Personal GuarantyIt is important to note that signing a person guaranty is NOT standard practice, especially if your business has good credit or significant assets. If you have been asked to sign, are considering signing, or have already signed a personal guaranty it is a good idea to contact an attorney to assess your options. An experienced attorney may be able to negotiate for new terms of a loan whereby a personal guaranty is not required.

If you have already signed and may default, or have already defaulted we may be able to negotiate a settlement with your lender, as we have for hundreds of others, and extinguish the debt for once and for all. Additionally we can analyze the validity of the personal guarantee, and assess your options.

Maybe most importantly, we have seen many people sued individually for Debts that are not personally guaranteed, or where by the personal guarantee taken is not valid under law, we have attached several examples for your reference, Call us today, maybe we can save you $72,000.00, $22,000.00, or $52,000.00 like we did for these three.

To retain Garmo & Kiste, PLC, for assistance in these matters call us at (248) 398-7100 for a free consultation or contact us with a private message. We are experienced Michigan attorneys with offices in Troy, MI.

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Liability for a Personal Guaranty in Michigan attorney

Liability for a Personal Guaranty in Michigan attorneyA personal guaranty is when someone (usually the business owner) signs on a loan or line of credit for the business. Basically, it means that if the company does not have enough assets to cover the liability, the note holder may pursue the signatory personally.

If asked to sign a personal guaranty, you should think hard before you sign. Many people take out a line of credit or a small business loan to jump start their business with an infusion of cash, or even to just get started in the first place. It is tempting to see any business set-backs as temporary and not think about the long term consequences of taking on personal liability. However, many times needing these loans are a sign that the business is struggling. Even if the business if just starting out, it is important to hope for the best, but plan for the worst. If your business has poor credit, or few assets, there may be no other option but to sign a personal guaranty. Just be aware that by doing so, you are losing a lot of protections provided by the formation of the LLC, and essentially “piercing the corporate shield.” You will be required to pay this debt as you would any other personal debt such as a mortgage or car loan. If you default on it you could have a judgment entered against you or even have your wages and tax returns garnished. The lender will not care if your business has failed, is struggling, or has even gone bankrupt you will always be liable until its paid off.

For more information about Liability for a Personal Guaranty in Michigan attorney or to retain Garmo & Kiste, PLC, call us at (248) 398-7100 for a free consultation or contact us with a private message.