Q: Commercial equipment repossession
I had a commercial equipment lease for about $14k in equipment through my corporation but I signed off as a personal guarantee. My company closed and now they they are saying they are going to repo my equipment but i no longer have it. What’s the worst thing they can do?
A: It depends on the precise terms of the lease. That being the case, I highly recommend organizing the lease, as well as any other documents you have in your possession regarding this matter, and consult with an attorney individually, as you do not want a personal judgment against you for the full cost of the equipment, as well as court costs, attorney's fees, and other penalties if it can be avoided.
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