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Signed a personal guarantee on a business line of credit.. all was great for nearly two decades, long story short my business partner went insane (literally), drained the bank accounts, stole from the line of credit and left me on the hook to pay it off (or file for bankruptcy which I wasn't going to do).. he was soon diagnosed with primary progressive aphasia and has been living in a mental care facility for the last 3 years.
I did consult with multiple attorneys who all said the same thing.. I could either take him to court, it'd be drug out for 1-2 years and would likely cost 80% of what the debt was in legal fees, or I could cut the check to the bank and move on with my life. I chose the latter.
Joint PG's are no joke, lesson learned.
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