How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Steinlaw Your Own Question
Steinlaw
Steinlaw, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 1811
Experience:  Consumer law attorney, author of California Debt Blog, Businessweek.com top foreclosure attorney
12106879
Type Your Consumer Protection Law Question Here...
Steinlaw is online now
A new question is answered every 9 seconds

My company bought a copier and our income decreased by half.

Resolved Question:

My company bought a copier and our income decreased by half. We cannot pay it back and they are going to put a judgement against me. Can they get money from my checking account or can they just put a judgement against me. I live in South Carolina
Submitted: 6 years ago.
Category: Consumer Protection Law
Expert:  Steinlaw replied 6 years ago.
Was your company a sole proprietor, a partnership or a corporation? Was the business closed or was a bankruptcy filed?
Customer: replied 6 years ago.
My company is an LLC corporation. I personally guaranteed the loan. My company is still in business but our income was cut in half. I told them to come pick up the equipment and they said they would. They never did and sent it to a collection agency.I just do not have the money to pay it.
Expert:  Steinlaw replied 6 years ago.
I am sorry you are going through this.

If you signed a personal guarantee, then you are personally liable regardless of the drop in income. That being said, I have found most of these lessors are willing to negotiate with you to set up a payment you can afford. They are concerned that if they sue you, then you will just file for bankruptcy. So you can probably negotiate an affordable payment plan with them.

Good luck.
Steinlaw and 2 other Consumer Protection Law Specialists are ready to help you
Customer: replied 6 years ago.

I guess my question is can they levy my checking account business or personal. sorry if I did not make my question clear.

Expert:  Steinlaw replied 6 years ago.
They can levy your accounts, both personal and business, after they sue and obtain a judgment.
Steinlaw and 2 other Consumer Protection Law Specialists are ready to help you

Related Consumer Protection Law Questions