Dear Sirs:My wife and I own our own home with no debt. We also own a small electronics corporation that provids us with modest but good income. I addition we have monthly Social Security Income. Our problem is that we co-signed a loan that my son took outto finance a restaurant. I believe that he is going to default on this loan with in the next few months and that the creditor is going to come after us to pay of the loan.The amount of the payout is approximatly $800,000 which we do not have even if wesold our business and our home. We are looking at ways to save our home and our business while coming up with a negotiated plan to pay down on the loan. Thank you.
Country relating to Question: United StatesState (if USA): NevadaWhat have you tried so far?: Consulted with our corporate attorney
Thank you for your question. Be sure to go ahead and bookmark www.nateanswers.com for future questions.You said "we" but I wanted to clarify on that point before answering. Did and your wife in fact both co-sign on the loan?
Both my wife and I signed the note.
In that case, all your assets will be in play. Are there any family members or close friends that you trust?
At this point I don't want to involve any other family members.
My daughter also co-signed this contract but her husband did not. She
has a net worth of
one million dollars. Most of that is $800,00 that is in a trust that will become available to her next year.
available next year.
They can potentially put a lien on her trust as well. If you don't want to involve anyone else it becomes more difficult to hide your assets. The only thing that you can do if they do come after you is declare bankruptcy to stop them. The court will either reduce the amount owed or discharge it entirely. I know that's probably not what you would prefer doing, but based on what you've described there would be no other viable option.
Over 8 years of legal practice.
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