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socrateaser
socrateaser, Attorney
Category: Business Law
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Experience:  Retired (mostly)
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Lawsuit filed Wachovia Bank Circuit Court Sarasota, Fl 12

Resolved Question:

Lawsuit filed Wachovia Bank
Circuit Court Sarasota, Fl
12 days left to answer complaint
Business Line of Credit May 2007 25K
Defaulted May 2008 amount 25K
Primary Obligor: My Company
Guarantor: Me
Personally...home is in foreclosure, investment, retirement, and savings depleted, credit cards maxed. Family of 5 meets low income guidelines.
Questions. If I close the business, which is not making much money, what ramifications might there be?
Is there a possible argument/defense due to poor loan practices of Wachovia, which led to their failure?. Said another way...If my loan application was evaluated properly, a line of credit might not have been offered.
What "ownership/responsibility" might they bare if their loan practices were faulty?
Do they need to produce the original application? Can I request it?
Want to regain financial stability without a a possible 20 year judgment on my shoulders. Thank you. Warmly, Marlene
Submitted: 5 years ago.
Category: Business Law
Expert:  socrateaser replied 5 years ago.

The fact that the lender made bad loans doesn't justify its not collecting on those loans. You would have to show that the lender provided the loan for some wrongful purpose, such as to gain a secured interest on your home, and that it intended in advance to use the loan to try to take your property from you.

 

This is incredibly difficult to prove, which is why no one ever succeeds.

 

Your facts are a classic scenario for bankruptcy protection. Maybe you should consider the option. It will definitely get rid of the judgment.

 

For a bankruptcy attorney referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=FL

and www.martindale.com.

 

Hope this helps.

 

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Customer: replied 5 years ago.
Yes, most helpful. And might you answer this please. If I close the business, which is not making much money, what ramifications might there be? Do I need to pay the loan? Not considering bankruptcy for personal reasaon.
Expert:  socrateaser replied 5 years ago.

If you personally guaranteed the loan, then the lender will hold you liable and sue for a money judgment in the amount of the remaining loan balance, plus attorney's fees and costs of suit. Which means that if you have an nonexempt assets, or earnings, they can be garnished or executed against to satisfy the judgment.

 

Unless you file bankruptcy.

socrateaser, Attorney
Category: Business Law
Satisfied Customers: 34102
Experience: Retired (mostly)
socrateaser and 8 other Business Law Specialists are ready to help you

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