Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

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.
Show More
Show Less
Ask Your Own Business Law Question
Answered in 2 hours by:
4/29/2015
Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31,949
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified
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.
Ask Your Own Business Law Question
Customer reply replied 3 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!
Ask Your Own Business Law Question
Customer reply replied 3 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 3 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.
Ask Your Own Business Law Question
Customer reply replied 3 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 3 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 3 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: 31,949
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified
Roger and 87 other Business Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Roger Your Own Question
Roger
Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31,949
31,949 Satisfied Customers
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters

Roger is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

2,002 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

778 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

678 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

604 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I went into a LLC Business in Ms. with a 50/50 ownership. We
I went into a LLC Business in Ms. with a 50/50 ownership. We made a $100,000.00 loan for the business using my collateral. I sold the property used for collateral therefore the loan was paid in full. … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
962 satisfied customers
Small business service provider that contracts with local
Small business service provider that contracts with local business (client) and that party fails to pay for service's how can that company place a lien on clients business what are the legal steps?… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,467 satisfied customers
I am an owner of an LLC. The LLC's assets are rental
I am an owner of an LLC. The LLC's assets are rental properties and other equipment. If I take out a small business loan to flip the rental property, can the interest from the small business loan be t… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
2,002 satisfied customers
I have made a business contract in Saudi Arabia with a
I have made a business contract in Saudi Arabia with a Syrain business man living in Saudi Arabia ���� for his business located in USA ����. How can I make this contract proved and legal by the US aut… read more
DamienJD
DamienJD
Attorney
Doctoral Degree
4,818 satisfied customers
I have a business question for my LLC I own an LLC in Oregon
I have a business question for my LLC I own an LLC in Oregon but are looking to acquire a franchise in Florida under the same LLC … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have 2 summer camp businesses. One is an LLC and the other
I have 2 summer camp businesses. One is an LLC and the other is an S corp. I want to know if I can pay into my kids college fund directly from these accounts instead of paying me and then paying into … read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
I signed 6 contracts and shot video at 6 weddings for an LLC
I signed 6 contracts and shot video at 6 weddings for an LLC that I believe is fraud and plan to file a small claims case but worry if the LLc has any assets, do I need to lift the veil and how would … read more
socrateaser
socrateaser
1,451 satisfied customers
I have a judgement in California against an LLC business and
I have a judgement in California against an LLC business and the owner opersonally for some accounting we did fr him and jis busnisee. … read more
Ray
Ray
Lawyer
Doctoral Degree
33,008 satisfied customers
I am looking for business legal advisor for my LLC listed in
I am looking for business legal advisor for my LLC listed in NV … read more
Legalease
Legalease
Attorney At Law
Doctor of Law w/ highest honors
15,719 satisfied customers
I have an LLC with my business partner. We are both
I have an LLC with my business partner. We are both non-resident aliens and don't live in the US. The idea was paying corporate tax in the US and personal tax in Europe, where we reside. Do we still n… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I dissolved by part in an LLC business 9 years ago. Part of
I dissolved by part in an LLC business 9 years ago. Part of the settlement was me turning over a vehicle to the remaining partner that was registered in my name. I can not find a copy of the release o… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,467 satisfied customers
I have questions about an LLC contract. Texas. It has been
It has been filed with the state as a LLC with 3 members … read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
2,002 satisfied customers
Does an LLC business pay the new business tax rates? If not
Does an LLC business pay the new business tax rates? If not what business types could I form to pay the new rates and not my personal tax rate? How is the 20% deduction calculated?… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
962 satisfied customers
My business partner sold are llc 50/50 owned business with
my business partner sold are llc 50/50 owned business with out my consent. or knowledge is there legal action i can take? … read more
Ely
Ely
Attorney
Juris Doctor
604 satisfied customers
I'm the managing member in an LLC with my business partner
I'm the managing member in an LLC with my business partner and I'm also the member with the larger share percentage. Its a multipfaceted bar/nighclub busniess with a reatils store. .5+ … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I am starting a consulting business and considering an LLC.
I am starting a consulting business and considering an LLC. I am also an artist. Can I combine the two businesses in one LLC so I can write off my studio rent and expenses legally?… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Our business rented equipment. Two of the Llc partners
Our business rented equipment. Two of the Llc partners signed a personal guarantee on the credit check. We lost absolutely everything in the hurricane and even though we provided the insurance they re… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
2,002 satisfied customers
My business is registered in Delaware as an LLC with a
Hi Pearl, my business is registered in Delaware as an LLC with a partner. My partner is no longer with the company. I would like to move the business to PA where I live. I am also changing the name of… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,223 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x