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Attorney & Counselor at Law
Attorney & Counselor at Law, Attorney
Category: Legal
Satisfied Customers: 868
Experience:  Corporate, Entertainment & Trial attorney with large law firm & Fortune 500 client experience.
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My tractor that I owned outright I borrowed money against in

Customer Question

My tractor that I owned outright I borrowed money against in the form of a lease. i used some other equipment as collateral but they didn't take the title meanwhile the tractor went to heck and we parted it out the dump trailer we sold. our small business is all but went under knowand being the middle of the winter we aren't pouring any concrete but we have een served and they want all the money, with late fees, I haven't made a payment in a year and then if they get a judgement they will still take all the equipment I already told them about the tractor, parted it out 3 years ago this lease has been going on since 05 and is a 1 dollar buy back I can't file bankrupsy until I finish up with the irs what can i do to protect myself
Submitted: 8 years ago.
Category: Legal
Expert:  Attorney & Counselor at Law replied 8 years ago.
Sir -you must file an answer to the summons and compaint on time. Deny any allegations that are not true. You need to contact the Clerk of Court on Monday and ask for forms to help you file an answer. Also, you should speak to a local attorney. You may not have any options to prevent the lender from trying to collect the amount of the loan, plus interest, late fees, and maybe attorney fees. You need to read the contract carefully to understand.
If the lender sues, they might be able to secure a judgement against you according to the terms of the contract. At that time they may be able to seize bank accounts, property, or garnish wages.
Good luck!
Expert:  Attorney & Counselor at Law replied 8 years ago.
Sir - You may wish to contact this organization for legal help.

Idaho Legal Aid
Services, Inc.
P.O. Box 913
Boise, ID 83701

Also, if you were sued in district court, here is the contact for the clerk's office: (NNN) NNN-NNNN

Good Luck!