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wallermm
Joined: 19 Nov 2009
wallermm's page
Posts: 1
31 Magic Points
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Subject: What is the worst that can happen to me, for none payment of
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Thu Nov 19, 2009 5:06 am
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I have small business,Bad times. Bank offered me very good credit and it,s gone, as things got worse .
One thing I should not have bought iwas TV $400 can they ask it back. My landlord doesn't allow me to sell business sothat can't help. it will go just go. nobody is buying just now especially just the merchendise.
I own an apartment part of a corperation can they take it.
I have been using my SS to get by. should I tell the bank manager that I am out and broke. They will be angry that they were so generous but I didn't ask for the loan they came to me. I still feel very bad thogh.What's the worst that can happen to me. Em |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 605
89 Magic Points
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Thu Nov 19, 2009 11:57 am
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Hi wallermm,
If you put the business up as collateral for the bank loan. Than yes they will foreclose on it. Did you buy the tv with the money from the bank. Or on a credit card? If it was on a credit card they can not garnish you bank account if the only money going into it is from you ss. But you need to let the bank know that you ss check is being deposited into your account so they can stop the garnishment. Now if you have rental income or other income deposited into the same account then they can garnish that. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Thu Nov 19, 2009 4:34 pm
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wallermm , I believe since the apartment is part of the business you may be forced to move. The tv set, if it was part of the business and they can show it was or even show the business money bought it, then you will more than likely lose this to.
What I am failing to understand is how the landlord will not let you sell a business that is yours. Does the landlord have money invested in this businass?
As for the bank do not worry about hurt feelings. I know its rough but if there is nothing you can do then there is nothing you can do and more than likely they will recover their loss. |
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