Legal Question in Credit and Debt Law in California
breach of contract loan collection
we borrowed 5,000 to start a business. it has not generated the income we expected and didn't pay back the loan. loan secured with personal property. received summons to go to court. how do we answer summons and protect ourselves?
2 Answers from Attorneys
Re: breach of contract loan collection
You must answer the Summons and Complaint, it would probably do yourself some good to do so, because you may well be able to negotiate a settlement of the banks' claim. Remember it will cost them a substantial amount for attorneys; fees and costs, (all of which you would have to pay if they prevail,) and you can probably use that to further your settlement negotiations. But you must file an answer within thirty days of service of the Summons and Complaint upon you. You may even have some defenses.
Re: breach of contract loan collection
An answer to the complaint should be filed. Please contact our office if you need assistance and review of your documentation. 714 363 0220
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