Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If you were a guarantor on the loan and when you quit the company you never got removed as a guarantor or had someone substituted for you as guarantor, you remain liable for the guarantee on the loan I am afraid. This means that they can continue to pursue you along with the other guarantors on the loan even though you resigned your ownership interest in 2009.
There are some things that can be considered in these cases (and I'm not saying everything is right for you). First is trying to get those who remained in the company to pay up and settle the loan with the bank and give you a signed agreement that they will not hold you liable for payment on the loan. This agreement would be valid between you and the other guarantors only and would prevent them from later trying to sue you for contribution if they end up paying.
Second, you can negotiate a payoff with the lender for only your share and get a release from the bank for the balance of the loan.
Third, you can pay off the loan and sue the other guarantors/owners for "contribution" for what you had to pay the bank. This has a risk in that the other guarantors can file for bankruptcy
and you could be then stuck bearing the whole burden.
Finally, you could consider filing for bankruptcy which would extinguish you and your wife's obligations for the loan.
If you do not resolve this, the bank can sue you jointly with the other owners or alone for the whole loan balance or any portion of the loan balance. If they get a judgment they could seize the collateral and could seek liens against you for any balance on the judgment, meaning they could seek to levy bank accounts and even try to garnish your wages.
Hiring an attorney would be most advisable here to negotiate a deal with the other owners/guarantors and also to negotiate a resolution with the bank to avoid you having to pay the whole loan or having to consider bankruptcy.
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