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Student Loan Debt Stunting the Economy? Student Loan Debt Settlement

Student Loan Debt Settlement

Does this situation sound familiar? Your mid-twenties son or daughter currently lives in your basement. Or this one? You are in your mid-twenties and have had to approach your parents to move back home? This situation is becoming more and more common, and recent census data shows that there are 6 million young adults in this situation (meaning there are also 6 million parents wondering when their kids might finally leave the nest as well). It might seem like kids these days are just lazy, but in reality this is an example of national policy having a trickle-down effect. The vast amount of student loan debt seems to be impacting modern family structure. It is also preventing young people from making big ticket purchases such as a home or a new car. Americans between age 25 and 34 made up on 27% of home buyers in 2011, which is the smallest percentage in the last decade per the National Association of Realtors. Further, if you think about it, that is prime age for people to be buying a  house so it should conceivably be the highest group.

For aggressive Debt Restructuring ideas and legal representation concerning all Debt Collection matters or to retain Garmo &Kiste, PLC call us at (248) 398-7100  for a free consultation or contact us with a private message. Including Student Loan Debt Settlement

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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.