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I have to default on my loans i have 5 position loans.

I have to default...

I have to default on my loans i have 5 position loans

Lawyer's Assistant: What state is this in? And when did the issue begin?

California

Lawyer's Assistant: Has anything been filed or reported?

Yesterday

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Nothing has been filed but i cant pay them right now, in a month we will have more funds

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Answered in 1 minute by:
10/23/2017
Law Educator, Esq.
Category: Legal
Satisfied Customers: 124,261
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

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Customer reply replied 7 months ago
i have merchant cash advances that i cant pay as of yesterday
Customer reply replied 7 months ago
i have signed DOJ's and it is in the state of New York, I have a business in california

What is your question for us about this?

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Customer reply replied 7 months ago
I need to know how to navigate this, how long before they try to freeze my account and can they take my house?
Customer reply replied 7 months ago
If i block them from taking payments from my account can i hold them off for a few weeks and restructure or make a deal or will it be too late?

Thank you for your reply.

IF you signed this as a business loan, but secured it as a personal guarantee, they can take both your business and your home through a lawsuit and getting a judgment against you. So, it will generally take them at least 60 days before they notify you of default and another 30 -60 days before they sue you and seek a judgment. By the time they get a judgment and can seize anything from you typically it would be almost a year. So you have time to fix things an straighten these issues out with them and get payments caught up

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 7 months ago
these are MCA Cash advances does this apply and will they freeze my bank account ?

Thank you for your reply.

Yes, it applies the same. They can try to seize your bank accounts, but if you get your money out before they do there will be nothing for them to take from your bank account.

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Customer reply replied 7 months ago
can they go after my other accounts?

Yes, once they get a judgment against you they could go after all of your accounts in your name. If you take your name off of the accounts they would be safe.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 7 months ago
Even though i signed a DOJ typically how long does it take for them to get the judgement a seize my bank account?
Customer reply replied 7 months ago
even though it is a MCA, it will still take them 60 days to notify me of a default , and they wont be able to seize my accounts until a judgement for another 30? Just want to be sure that they dont have an accelerated judgement process

Even though you signed a DOJ, it still typically will take them 30-60 days on average and if you have nothing in your accounts, there is nothing really for them to seize, so you need to make preparations. If you signed the DOJ, that speeds things up a bit but it still will take them 30-60 days.

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Customer reply replied 7 months ago
how do i get my name off of the business if i am the 100% owner can i transfer ownership to my wife?

Thank you for your reply.

You would not be able to transfer your name off the business to get rid of the liability for the loan. Also, you cannot just put it in your wife's name, CA is a community property state, so they could go after her assets as well as your assets. You need to move the bank accounts into some other name other than you or your spouse.

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Customer reply replied 7 months ago
Like a DBA? I'm not sure what you mean

Thank you for your reply.

No not like a DBA, like take your name off the bank accounts you want to protect and put someone else besides your wife that you trust on those accounts.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 7 months ago
even though the company name is ***** ***** the account i can put someone else's name on the bank account?
Customer reply replied 7 months ago
If i have called my bank to stop the drafts will that be a breach of contract? Does that accelerate anything?
Customer reply replied 7 months ago
if i put my step son on the account is that ok?

Thank you for your reply.

First off, your company account for a company debt you cannot protect, do not think about changing names on it. I was referring to your personal accounts to protect those accounts.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 124,261
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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