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Thanks for the answers! I might need a few more clarifications,
I remember when we sign the loan, the owner manager said she was the primary guarantor, meaning if others don't pay, she would be the final person that would be responsible for 100% of the loan. Is this correct? So if I don't act with this letter from the lender, the lender will not bother me again?
About the getting agreement from other guarantors, I am not sure if I can get the response from the other guarantors, because everyone probably is in a bad mood at the moment.
So that leaves me the choice of talking to the lender and tell them the situation, or hiring a lawyer to deal with the situation. What would be your suggest? Shall I talk to the lender first?
If I hire a lawyer, for this case, it involves $30,000, and my portion is 17% that is around $6000 (if they didn't change it behind me). Is it worthy to hire a lawyer, and normally what is the fee for the case like this?
If I file bankruptcy, what does that mean? I lost my car (it doesn't worth much)? Will the lender levy my other bank accounts and get the remaining balance (of my portion) from me?
Thanks for your answers in advance, I am very uneducated in these financial stuff. I realized I mistrusted some friends, and haven't done a lot to protect myself.
thanks for the information,
I checked the original loan document, that they also put my wife's name and 17% on her. They I remember the lender told me that's the policy of the loan, in case I am not able to come up with the 17%, then my wife would be responsible. Does this mean 34%? oh no.
we are on different document. signed differently. oh well...
can I stay quiet and let the lender take my car and be done with it?
ok, thanks Paul,
I'll find a local lawyer for this. Any suggestions you might have in Kansas City area?
Shall I talk to the lender or the lawyer?
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