Who owns a piece of you? (Understanding guarantees)

Disclaimer: I am not a lawyer.  This is one of those topics that causes heart burn for individuals and businesses that may be unfamiliar with how banks and lenders operate.  This topic is almost as bad as discussing bank fees – but not quite.  What is a guarantee?  A guarantee is an agreement that either you or your company is liable for a debt or obligation.  There are 2 basic kinds of guarantees: personal and corporate.  A personal guarantee means you are liable for a debt or obligation and a corporate guarantee means your company is liable for a debt or obligation.  So what’s the big deal? Continue reading “Who owns a piece of you? (Understanding guarantees)”