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RogeI have a bank note from a bank from a line of credit. They are

Hi Roge I have a bank...
Hi Roge
I have a bank note from a bank from a line of credit. They are calling the note. Not backed by collateral but has personal implications. Note was initiated in Maryland but I live in NC.
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Answered in 2 hours by:
4/29/2015
Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31,797
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is ***** ***** I'm a Business litigation attorney. Thanks for requesting me.
If there is no collateral to secure the note, the only option the lender would have is to sue and seek a judgment against you for the loan balance. Usually, loan documents provide the forum court for any legal dispute, so you may be sued in Maryland because of that......or because that's where the contract was executed. Otherwise, you'd be sued in your home county and state.
If/when a judgment is entered, the lender could then attempt to garnish wages, freeze bank accounts, issue writs of execution on property, etc. So, it can get complicated, and if that happens, you'll either have to allow the process to run its course or you can file bankruptcy and discharge the debt (and most others) as being unsecured.
If you have any other questions, feel free to reply and I'll respond. Thanks.
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Customer reply replied 2 years ago
Roger it is a little more complicated. I have 2 bank notes with the bank. I have been making payment so they are current. They were lines of credit. One for 98k and one for around 40k. They were for my business which closed down in 2012. I have every intention of paying the amount back but I surely can't do it in 30 days.I have a house in NC which is fully paid for which was paid for with proceeds from the sale of my house in Maryland and my wife is on the title. I am trying to keep her out of all this financial proceedings. Can you tell me if they can go after my primary residence ?
Hi - thanks for the additional information.
North Carolina has a homestead exemption of $35,000 individually or $65,000 if the debtor is over 65 and has a deceased spouse who owned half of the property as tenants by the entirety or joint tenants with rights of survivorship.
Thus, you can protect that amount of equity in your home....but the other equity is fair game to the creditor IF it obtains a judgment against you.
If you have been placed on this 30 day notice, and you can't get alternate financing from another lender, you may have to consider filing a chapter 13 bankruptcy - - which would buy you some time, stop and legal proceedings and allow you to re-structure the repayment of the debt. I know bankruptcy may not be the most attractive option, but it can serve a purpose and buy you some time in this situation.
Please let me know if you need anything further. Thanks!
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Customer reply replied 2 years ago
It gets ever more complicated. I have been doing house renovations in NC with my brother in law (held in both of our names)we just sold the house and will settle on it in 2 weeks. I have another house property in Maryland that is sold and will settle on May 29 in an LLC with a partner.
Is this a worry at this time?
Customer reply replied 2 years ago
I have no money in either deal. My partners funded both deals and I provided the know how.
If you are a member of the LLC, your interest in the company could be sought and liquidated by the creditor AFTER a judgment is entered. But, the creditor cannot directly pursue the LLC or its assets.
So, that wouldn't be a concern UNLESS the creditor takes a judgment.
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Customer reply replied 2 years ago
The LLC has no assets other that what we purchase for fix up and reselling after we settle on this last property.
How long would a judgement proceeding take? And should I be getting an attorney in Maryland to get on this quickly?
Customer reply replied 2 years ago
One good piece of the puzzle - I have a commercial building in Maryland that I am fixing up now to sell-mainly cosmetic things.
It is held in another LLC. If I have the proper timing I can sell the building and then pay off all the loans that are called due.
Do you think this can buy me some time?
Customer reply replied 2 years ago
The value of the property is around 500k.
That could certainly be a possibility......you would have to disclose this information to the lender and see if they would be willing t wait on this money to come in.....MOST would be willing to wait instead of pursuing some legal avenue if it is not necessary.
Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31,797
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Category: Business Law
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