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Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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I bought a dental office in April 2015 and the owner that I

Customer Question

I bought a dental office in April 2015 and the owner that I bought it from carried the paper he is financing on a loan which has a balance of $158,000 right now. Right now I have 82 payments left of $2300 on a seven year term. The owner wanted to keep working there after I bought it but all he did was drive it into the ground. After going through this stress for six months I'm getting ready to be on psychiatric meds it's really a bad situation. One of my options is default on this loan I'm just wondering what will be the next step after ----garnish my wages , Levy my bank account..?..?? How much can they take from me but I'd be able to live a normal life?? Can you give me the worst case scenario oh and maybe a timeframe!! How do I prepare myself for this nightmare?
Submitted: 1 year ago.
Category: Legal
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts.

If you default on the loan then the next step they take is to file a lawsuit against you for the deficiency. It is only after the lawsuit is filed and a judgment is entered, months down the road, that they can begin trying to collect on that judgment.

Collection can include the garnishing of wages, levying/seizing bank accounts and other property, etc. You can avoid that by filing a bankruptcy if you choose to go that path.

Generally, it is six months, minimum, before they can get a judgment and being to pursue collections unless you default and don't answer or contest the lawsuit.