You might be responsible for some or all of the debt. It depends what kind of guarantor contract you signed.
If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
the corporation
Stockholders face the risk of losing their investment if a corporation goes bankrupt.
No. Georgia is not a community property state.
If the Bankrupt company is just the retailer then the warranty is still covered by the manufacturer. If the manufacturer goes bankrupt then the retailer covers the warranty. The seller is responsible for a warranty. Clearly if the seller is the manufacturer and they go bankrupt then it's most unlikely that the warranty will remain in force.
If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
Yes, that is the whole point of co-signing. Someone has to cover the debt. If one person dies, defaults or goes bankrupt then the co-signer is responsible. In death the estate is still responsible for the debt. If there is nothing left then the co-signer has to cover it.
The corporation is responsible for the corporation's debt. Normally, there is a financial officer who pays the bills. If the corporation fails and goes bankrupt, people simply do not get paid. If the company is bankrupt and there is money, a judge appoints someone to pay according to a plan.
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
the corporation
When one goes bankrupt, one's debts are cancelled.
Stockholders face the risk of losing their investment if a corporation goes bankrupt.
No. Georgia is not a community property state.
Not likely. Bankrupt means that they have no money.
move.
You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.