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Bussiness Loan in default

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  • Bussiness Loan in default

    I have a business loan that I personally guaranteed. As of Jan I am not able to continue to afford the payments. (closed doors 10 months ago). I am going to have to file BK to get rid of this debt. From what I understand is if a lien is placed against you prior to filing it will stay thru the BK.

    1) I am wondering how long until a lien can be placed against my home.

    2) Does the bank first have to liquidate all assets before they can place a lien?

    I am looking to file in Apr...am I losing sleep over this for no reason.

  • #2
    1) I am wondering how long until a lien can be placed against my home.
    They can not file a lien until they get a judgment. If January was your first missed payment it is unlikely they could get one be April. Even if they do your attny can get the judgment vacated.

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    • #3
      I'm not a lawyer but have similar situation and have a lawyer. Hire one immediately. I have multiple guarantys. One loan went into default over a year ago and the law suit against guarantors wasn't filed for over a year. 1st the creditor must send a demand letter asking you and the debtor/borrower to pay the loan and interest. They may offer a settlement. If you dont reach agreement, they will serve you with a lawsuit threatening to go to court to request summary judgment which they usually win unless your lawyer has a good case for dismissal. They can file the judgment immediatly or enter into a negotiation with you whereby they threaten to actually file the judgment unless you can reach a settlement within specified time period. If they file, the lien is placed on your real property in short order: I don't know how short. You can threaten to file bk to force them to settle if they think they'll get more in a settlement than they'll get in bk, which costs them money and can take time. Unsecured creditors fear bk. Even if a lien is filed, your attorney can have it dismissed when you file bk. It depends on whther you have other unsecured creditors. Get a good attorney now!
      Last edited by break60; 02-20-2010, 10:18 AM. Reason: spelling

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      • #4
        Originally posted by MBR64D View Post
        I have a business loan that I personally guaranteed. As of Jan I am not able to continue to afford the payments. (closed doors 10 months ago). I am going to have to file BK to get rid of this debt. From what I understand is if a lien is placed against you prior to filing it will stay thru the BK.

        1) I am wondering how long until a lien can be placed against my home.

        2) Does the bank first have to liquidate all assets before they can place a lien?

        I am looking to file in Apr...am I losing sleep over this for no reason.
        It takes a judgment in order to end up with a lien against you property, and it takes a lawsuit in order to end up judgment, and it takes notice before they file suit, etc. So you are a long way from having to worry about a judgment.

        No, the bank doesn't first have to liquidate assets; (not even sure that I understand what you are asking here, but they only need to get the judg awarded in court action).

        You could prolly file next Apr 2011 (almost, but kidding), and still be under the wire. There are lots of these creditors who afforded small corps LOC's that are having raft of defaults; they simply can't keep up. Usual course of business is 5 to 6 months out from tiem you missed pymts, they charge off the acct. Many will not suit at all, just sell to collection or JDB. Some will sue, but not many, as it is viewed as good money after bad.

        Who is the lender specifically; may be able to shed some more light on their MO...?

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