Legal Question in Business Law in South Carolina
i got a loan some time ago and i had unemployment insurance on the loan just now finds out the only pays for a year i am still not working i still owe the loan i dont have money to pay it the people are saying they gonna take it further if i dont have money to pay what will they do
1 Answer from Attorneys
As a Franchise Attorney I can't tell you exactly what will happen. They may send a demand letter, followed up by turning it over to a collection agency. Ultimately, you would have to be sued, they get a judgment against you, then try to collect on that judgment. This would be a long process. You can look into declaring bankruptcy which would get rid of the loan. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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