Legal Question in Business Law in Illinois

I purchased a business that my banker owned part of based on information he and his partner supplied. The revenue figures were far from correct, which made it necessary to get a loan shortly after purchase in order to keep the business running. My banker offered a home equity loan and stated - I can give you this knowing that we can always sell the house to get paid back.
I shut the doors on the business after 20 months of operation, but am now close to bankrupt. Do I have any recourse?

Asked on 1/11/12, 9:07 am

Sanford M. Martin Sanford M. Martin, P.A.

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If your question relates to recourse against the banker, the answer is "probably not" unless

you have evidence of misrepresentation, fraud, or a contractual agreement with him which

is breached. The misinformation regarding company sales, unless significant and

deliberate, will not suffice. Another option may be bankruptcy in which the equity loan may be

discharged, depending on your circumstances.

Answered on 1/11/12, 9:34 am

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