Legal Question in Credit and Debt Law in Georgia
Judgement Granted on Default on Loan I Guaranteed
I have been served with a judgement on a loan that I was a guarantor for a family member. Amount of $180,000. What is going to happen to me now AND what can I do to prevent the bank taking what I own? The loan was for a business that I was helping my brother in law get started. I was a member of the LLC BUT I never agreed to be a member. They put me on and I never knew it until closing on loan. I should have stopped everything then but unfortunately I didn't. All I have is a home only 1 yr old with mortgage, 3 cars with loans more than what they're worth BUT I do own my own business which is INC. Can they get it?
1 Answer from Attorneys
Re: Judgement Granted on Default on Loan I Guaranteed
Ordinarily, you would have to agree to be a member of an LLC to actually be an LLC, and your personal assets should not be subject to collection unless you specifically agreed to personally guarantee the loan. It sounds like there is some info missing from your posting that would give me a better idea of the situation. It boils done to whether or not you agreed to guarantee the loan on a personal level.
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.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
Promenade II
1230 Peachtree Street NE
Suite 1900
Atlanta Georgia 30309
Phone 404.942.3545
Fax 404.795.0993
www.macgregorlyon.com
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