Legal Question in Credit and Debt Law in California
I have defaulted on a SBA guarnteed loan. I have a notice of a certified letter from a law firm that is for some legal action. I have very few assets for them to attach but do not want to go to court under oath or declare bankruptcy. Can I ignore this legally?
1 Answer from Attorneys
Seriously? If you just ignore it and don't sign for the certified letter, I think you know that it is not going to go away. They will sue you, they will obtain a judgment, and then they will garnish wages and levy against your assets including bank accounts. Because it is an SBA loan, eventually the claim will be turned over to the Federal Government who can do much of these things (levy bank accounts) without even getting a judgment. You need to respond and deal with this because it is just not going to go away.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. �528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code."