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Way out of the co-signing a business loan

1 Answers. Asked on Dec 30th, 2016 on Business Law - Texas
More details to this question:
So a family member co-signed a business loan. The people who signed with lied to them about the business. So the bank might be after their asset soon because the people that sign on don't really have anything. So is there a way out of the co-signing?
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Answered on Jan 01st, 2017 at 5:39 PM

It sounds like there was fraud in getting the family member to sign the contract. That may be a way out of the deal and your family member may be able to get the signature rescinded through a demand letter written by an attorney and sent to the other party to the contract.

--- The Overstreet Law Firm 2100 N. Main, Suite 228 Fort Worth, TX 76164 Practicing in DFW & Houston Area Phone: 817-810-9747 Email: rdolaw@gmail.com

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Business Law
Beginning on the day a new business is launched, it will encounter a host of legal issues. From selecting the optimal business structure to negotiating contracts, from ensuring that the company's name doesn't infringe on another business's intellectual property to hiring new employers--almost everything that small business owners do touches on some aspect of business law. As a company owner or manager, your focus should be on successfully running and building a business. A law firm that focuses on business law will have attorneys who have a broad cross-section of experience on the myriad legal issues that affect all businesses, large and small.
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