Will My Possessions Be Seized If I Can't Make Business Loan Payments?
E.J. Simonsen | Apr 19, 2022
If your business finds itself in the position where you can't make your payments to your high interest lenders, you could be facing the seizure of your business — or maybe even your personal assets.
What Does the Process of Seizing My Personal Possessions Look Like?
What does that look like? Well, depends on how far behind you are, depends on how proactive you are, and depends on if they filed a lawsuit against you. In most cases, if it's a high interest loan —not a merchant cash advance — then you can expect a more traditional process by which they will try to collect on you. That can be as simple as mailing you letters, calling you, texting you, asking you to pay — all the things you would expect. To something as severe as filing a lawsuit against you and your business in an another state, or in Texas, and asking law enforcement to enforce it and seize commercial assets or non-exempt individual assets.
I Can’t Make My Business’s Loan Payments. Where Can I Turn to for Help?
If you find yourself in a situation where things have gotten out of control to your high interest lenders, you're not able to make payments, and you're facing a judgment or property seizure, you need to get professional assistance immediately.
Every situation is unique. If you have questions, contact our office. We'd love to help you.
The material and information contained on this website is for general information purposes only. You should speak with an experienced attorney in your area before making any legal decisions.