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On any corporate debt, the owner of the corporate entity is not liable for the debt of the corporation UNLESS they signed a personal guarantee for the debt. Thus, I am afraid the corporate veil would not protect you for this. I am afraid that once you signed as guarantor with a personal guarantee you made yourself personally liable in the event the business did not pay. When Asset purchased the debt they purchased the exact same terms as the bank had with you, they are a "successor in interest," with the same exact rights as the bank had.
HOWEVER, all is not lost. Under MI law there is a 6 year statute of limitations
for suit for breach of contract
on open credit accounts from the date of last payment and as such you need to explore a dismissal based on the debt being barred by the 6 year statute of limitations.
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