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I've had a small business, sole-proprietorship for 32 years.

I've had a small business, sole-proprietorship for 32 years. 15-20 years ago my bank (it's a large US bank) gave me a $100K secured line of credit requiring interest-only payments. We maxed it out during the crash, 2008-2009, and set up monthly auto-payments from our business checking account to cover the interest. Three years ago in a first-step effort to someday pay it down, we set-up auto-payments of $200/mo towards the principal. We've shown nothing but good-faith and want to increase principal payments as soon as we can. We don't want to be paying 6% on this loan forever.In June I got a call from some division of the bank calling in the loan. He asked if I could make a large principal payment then much higher monthly payments. I couldn't. He said he understood, and has to turn it over to the high-risk dept. They'll contact me and let me know if there's anything they can do for me.Yesterday when the $40K was taken from my account, I called and was told they'd tried contacting me at least a half dozen times, including two letters. Honest to God I didn't get those letters (I would NEVER have ignored them). And she left four phone messages for me, but I thought they were sales calls; she gave her name in the messages, saying she's with the bank, but nothing else. I get sales calls from all three of the banks I have accounts in – offers to refinance, investment tool offers, etc. I didn't recognize her name so I didn't return her calls.I've been with this bank at this location for 25 years (it was two other banks before this one absorbed the last about 15 years ago). I have numerous accounts with them and have been a model customer. We also had our business in their building (my branch building) for twenty years. Up until 2.5 years ago, we paid rent of (depending on how much space we needed at any given time) between $3200 and $6500/mo.My wife and I begged and pleaded with the woman on the phone yesterday asking for her to put the money back and set up a more aggressive monthly payment plan. We proposed $2000/mo. The loan would be paid off in four years. She wouldn't budge. They were keeping the $40K and we need to set up a monthly payment for the balance.We pleaded and pleaded and after checking with her supervisor (who she would not let us talk to), she said they'd put $15K back in the account if we signed a monthly payment schedule for the balance.My question is, is there anything I can do but say yes? This is going to wipe out what's left of my piddly retirement account. Bankruptcy is not an option. And the only other asset I have is my home. Do I have any negotiating clout? Would they reduce the amount due, or do they have no incentive to do that? Tx

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Richard - Bizlaw

Juris Doctor

9,830 satisfied customers
A large bank has had an unjust, meritless preliminary

A large bank has had an unjust, meritless preliminary injunction against me for 6 years the PI restrains me from selling or refinancing my office building complex that is my only source of income and my only asset. The mortgage is up and the lending institution will not give an extension or refinance, they will begin foreclosure. Is Chapter 11 bankruptcy restructuring the best remedy? can I ask the bankruptcy court to extend the mortgage until the PI is lifted and can I ask to pay interest only? any ideas will are appreciated.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,286 satisfied customers
18 September 2016 09:40 ok i understand that in terms of

18 September 2016 09:40ok i understand that in terms of properties....what about buying a new refrig. some repair to the house 2 to 3 k dental for on implant......charity org.s replacing a 14 years old car.....how much money in the bank..min....stocks.....what is the maximum amount that i can work with and what are the min allowed.......in texas.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,286 satisfied customers
If a Bank Lends out money for SBA a government backed loan

If a Bank Lends out money for SBA a government backed loan and the browser defaults on the loan Does the bank take a loss or does the bank get paid no matter what?

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Richard - Bizlaw

Juris Doctor

9,830 satisfied customers
I have a debt owed to me that a person has refused to pay.

I have a debt owed to me that a person has refused to pay. The total is $2350.00 from 8/20/15. Last response from the person was 9/2015. Is there a website where forms are available to collect/try to collect from them? From the initial reminder letter to the demand letter? As well as the filing letter for the court? I know where they live as well as license information etc. Thank you.

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Asad Rahman

Attorney

J.D.

3,204 satisfied customers
Just looking for info on being sued by a material vendor to

just looking for info on being sued by a material vendor to my companyJA: Because laws vary from place to place, can you tell me what state this is in?Customer: nyJA: Has anything been officially filed? If so, what?Customer: letter of intent to sue demand of payment in fullJA: Anything else you want the lawyer to know before I connect you?Customer: my company does not have the means to pay this bill in full

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Irwin Law

Juris Doctor JD

8,840 satisfied customers
Can you dissolve a corporation while it is being sued or do

Can you dissolve a corporation while it is being sued or do you have to wait for a judgement? There are no assets, it's a small business that provides a service, thus if a judgement is placed it cannot pay it and thus either file for bankruptcy or just dissolve it.

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LawTalk

Attorney at Law

Juris Doctor

33,152 satisfied customers
I am curious as to the statue of limitations involving a

I am curious as to the statue of limitations involving a former company employee who misappropriated over possibly a million plus dollars.JA: Because laws vary from state to state, could you tell me what state is this in?Customer: NCJA: Have you talked to a lawyer yet?Customer: Several attorneys ,trustees etc were made aware of this several years back, I assumed after the company filed bankruptcy mostly because of ignorance, someone would have pursued this with the overwhelming amount of evidenceJA: What state are you in? And has anything been officially filed?Customer: North Carolina, No. I tried to seek some advice from the local authorities, however no one seemed to have the manpower and truthfully I was afraid to pursue as this person lives in my neighborhood.JA: Anything else you think the lawyer should know?Customer: I wouldn't even know where to begin, Its literally something you see on American greed ,

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Christopher B, Esq.

Attorney

Juris Doctor

5,362 satisfied customers
I fell behind on a credit card and now owe $1,500 how can i

i fell behind on a credit card and now owe $1,500how can i offer them like $1000 to just close the dam card and forgive the other $500.thank you

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,286 satisfied customers
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