Legal Question in Business Law in New Jersey

My husband had received a loan for a business venture. Since he needed to personally garantee it, he did. The business had done poorly and he has had difficuly in keeping the payments current.

The bank has sued and the attorneys have now entered a default judgment against my husband and without warning have seized our personal bank account. The banks attorneys will not return our calls and we cannot afford to pay an attorney in this matter. We called the county and they said the attorney has the right to take what they need and dont need to negotiate atthis point since they have the judgement. My husband was unemployed 10 months last year and now is working parttime at a 20% pay decrease. We are trying to keep up with our bills and keep out daughter in college. Can they seize personal (family) bank accounts and cars and houses to pay a $40,000.00 business loan? I have three kids and they already took over $2000.00 out of our account and now we have no account to pay bills and cash checks (it is on hold). Is this legal?


Asked on 5/12/10, 5:53 pm

1 Answer from Attorneys
Robert Davies The Davies Law Firm, P.A.

It might be legal but you may be able to fight a big part of it.

For example, who put the money into the bank account that they took?

And where did the money come from? There may be some legal limits on what they can take, BUT you need to know what your rights are, and you need to go to Court to ask the Judge to let you keep all the money that you are entitled to keep.

Sounds like you need a lawyer. Please call my office to make an appointment. This initial consultation for one half hour will be free of charge, and I will let you know what I believe I can do to assist you further.

Robert F. Davies, Esq.,

Phone: 201-820-3459, Hackensack New Jersey.

Let my secretary know you found me through LawGuru.

Disclaimer: This answer is based only on the statements you have made, and may not be accurate. Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

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Answered on 5/19/10, 11:49 am


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