Today's article: Owe the bank or the bank owns you? When you borrow from a bank, they usually require the signing of a loan agreement along with a promissory note saying that you will pay off the debt. Sometimes, the bank will even ask for a personal guarantee.

Loan agreements are are exhaustive, detailed documents that are full of fine prints. They often place restrictions on the borrower, such as controlling the their extension of credit, limiting salaries, restricting capital spending and influencing many decisions. If you violate any part of the loan ageement, the bank can declare...[continue reading]