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LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
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I have a small business loan line of credit from Wellsfargo.

Resolved Question:

I have a small business loan line of credit from Wellsfargo. They are suing me what can I do?
Submitted: 7 years ago.
Category: Legal
Expert:  LegalKnowledge replied 7 years ago.
Why are they suing you? did you default on the loan?
Customer: replied 7 years ago.

yes I did default on the loan.

Business has gone down hill and I can not pay.

It is a small auto repair shop and everything is rented.

The loan amount is 17,000 after all the add ons

Expert:  LegalKnowledge replied 7 years ago.
As you know, the default on the loan agreement is a breach of contract and a basis for them to file suit. You may want to try and re-negotiate the terms of the loan or work out some type of payment plan. If you speak with them and explain you do not have the money to satisfy any judgement they may get against you, they may be willing to reduce the amount owed for a lump sum payment. They also may be willing to take off any penalties or interest and just try and recover the money loaned. Make sure the lawsuit was filed within the time allowed under the Statue of Limitations.
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Customer: replied 7 years ago.

What is the Statue of Limitations?

I've have not paid any on this for at least 2 years or more

Expert:  LegalKnowledge replied 7 years ago.
Texas is 4 years. It begins to run from your 1st missed payment. They are still within their legal right to file a lawsuit.
Customer: replied 7 years ago.

If I can not re-negotiate the terms of the loan or work out some type of payment plan what can they take to satisfy any judgement?

I have not been served yet, just read it in the paper this morning

Thank you so much for your time

Expert:  LegalKnowledge replied 7 years ago.
They can garnish your wages or attach any property to the judgement. They can get the judgement against the auto shop, as well.

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