What are the consequences of defaulting on an unsecured business line of credit that I personally guaranteed?

post Category: Business Credit Lines — admin @ 6:27 pm — post Comments (1)
postApril 22, 2010

The LLC and I are both in New Jersey. I know a judgment is eventually put on my credit, but what does that allow the bank/creditor to "do" to me personally?

Take possession or put a lien against everything you own until the debt is paid off, they can even garnish your wages. Plus you won’t be elligible for any new credit until the judgement is taken off your credit report.

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#1

Take possession or put a lien against everything you own until the debt is paid off, they can even garnish your wages. Plus you won’t be elligible for any new credit until the judgement is taken off your credit report.
References :

Chandra157 wrote on April 22, 2010 - 11:58 pm
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