All too often inexperienced lawyers give bad advice because they to do not understand the workout environment, and thus improperly advise their clients to the client's detriment -unintentional of course, but just as serious a loss.
A few things are clear - most lawsuits are based on contract breach, payment default and inability to pay. Whether it's to the bank, vendors, landlords or even the IRS, the issue is usually an inability to pay.
You owe the money, there can be no real issue here. There is no defense, nothing to go to court over.
Why fret over it, why challenge it? There is nothing to gain.
Your personal guaranty covers whatever the business cannot. But you already know that you owe the money so this is no surprise.
While the lawyers are building their legal case, you can working it out financially with the bank.
Sometimes you are forced to work it out through the lawyers and while less efficient, this also works.
The lawyers pass your offers on to the bankers and they respond back through the lawyers.
When you are forced to follow this path, it's less efficient but it still works.
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