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

April 22, 2010 1 Comment

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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One Response to “What are the consequences of defaulting on an unsecured business line of credit that I personally guaranteed?”

  1. Chandra157 April 22, 2010 at 11:58 pm

    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 :