Who is responsible for a business debt that was personally guaranteed by two people but one is out of company?

I understand the legal part of this but I would appreciate advice on principle. My business partner and I received business loan from a bank that we personally guaranteed. We used 95% of the funds before I bought out my partner%26#039;s share of the company and became the sole owner of the company. Last year, we had a meltdown with several factors coming down all at once. The company went down along with it. My business partner knew the company was shaky just before I bougth him out but I wanted to give it another run at it before giving up. Late last year, I finally had to begin liquidating. I know we are both responsible for the debt legally but based on the fact that I did not spend 95% of the loan on my own and that we both knew business was not in good shape, should the ex-business partner be right to get angry with me now that banks are calling us?



Usually he would receive a %26quot;release%26quot; from his loan obligation when you bought him out. If he forgot to ask for a release, he is still 100% obligated. There is no uncertainty. He owes the money. Both legally and morally. He can not stick you with his share now..


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