Legal Question in Business Law in Georgia
Default Line of Credit obtained under business LLC
I was the grantor of a business line of
credit for a company I was apart of. I
have left the company with the loan
in good standing. About 5 months
after I left I get a notice that the loan
is delinquent and they about to take
me to court if loan is not made
current. I can't afford to do this. Can
they sue me and garnish my wages?
2 Answers from Attorneys
Re: Default Line of Credit obtained under business LLC
We don't have your agreements, but generally a creditor can sue obligors after a default, and if they get a judgment can garnish wages and accounts, and put a judgment lien on property.
Re: Default Line of Credit obtained under business LLC
The act of leaving a company itself does not relieve your obligations of the loan. Ideally, you would have refinanced the loan before leaving so it was in the company's name or at least got some assurance from the company/principals that they would make the payments.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
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