Business Debt, Collections Personal Guarantor?

[Guest]

I was 50/50 with a business partner for a restaurant in Florida. I sold my half to him last January. Recently I recieved a call from a company we were dealing with through our credit card processor. I, admittedly stupid, signed a personal guarantor for a credit card processing machine. I realize this was stupid and I also know at the time of signing the contract I did not know it was a personal guarantor contract. Short story long… am i personally responsible for this money? The company has contacted me because my ex business partner stopped paying. The restaurant was an LLC, i thought this was enough to cover my behind! I would greatly appreciate any information.

Thank you

 

[army judge]

Personal signatory, huh? Yes, you're on the hook for the debt. Contact the vendor, square it away, get yourself off the guarantee, now that you're off the hook. You could then attempt to sue your former partner for his share. I'd pay it, clean it up, walk away. Who wants to waste their life in a court room?