tunheim Posted January 17, 2007 Report Share Posted January 17, 2007 I have a joint judgement for $7069.20 in Denver County 11/15/05, I would like to Vacate the personal judgement. My LLC and I are named for unpaid material credit with GE Supply. This is a revolving company debt that I "guarantored" for in Feb 2004. I fax applied for $5000 and the GM phoned me 2/26/04 and gave the company $2500 credit at the counter under my guarantee. I am not disputing the debt for the company, well at least some of it, I am disputing I have any obligation, and that it should not show on my credit report. Experian is the only one to show this judgement, other 2 deleted all reference. The LLCs credit was extended to 25K+ over the next years, (not in writing). August 2005 the Contractors didn't pay up and the LLC could not pay the remaining $5700 in material payments on time. Brother had heart transplant in UofM in December and I didn't give full attention to lawsuit. Motion to Vacate?? Statement of Facts?? Am I liable for the company debt? Is breach of contract enforcable for extending credit to more than $2500 that I signed for? They sued in Denver not in Douglas where I and the company reside. Served only one summons.Thanks for the input in advance. Link to comment Share on other sites More sharing options...
willingtocope Posted January 17, 2007 Report Share Posted January 17, 2007 Ouch...sorry, hope your brother doing okay...but...That's what personal gurantee means...if the company won't pay up, you will. You can maybe get a lawyer to look at the suit and see if there is some technical grounds to have it vacated...there's also a menu item at the top of the page that talks about vacating. Remember that ones more for personal debt...not business. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted January 17, 2007 Report Share Posted January 17, 2007 you generally need to show 1) a reasonable excuse for not answering the summons in time and 2) a meritorious defense to the action. Timing is a factor, too. Link to comment Share on other sites More sharing options...
tunheim Posted January 17, 2007 Author Report Share Posted January 17, 2007 So in your opinions even though I only guaranteed $2500 I am personally liable for the debts that were extended to the company on basis of the size of contracts, meaning job materials for the contract were $15000 so GE extended credit to the company for that much. Link to comment Share on other sites More sharing options...
tunheim Posted January 17, 2007 Author Report Share Posted January 17, 2007 Would a meritorious defense include only guaranteeing $2500 of company debt and that the minute that credit line was exceeded, my personal obligation was null. Link to comment Share on other sites More sharing options...
willingtocope Posted January 18, 2007 Report Share Posted January 18, 2007 Would a meritorious defense include only guaranteeing $2500 of company debt and that the minute that credit line was exceeded, my personal obligation was null.I don't think so...but, you might talk this over with a lawyer. I'm sure the creditor would insist that your guarntee covered all credit increases...in fact, it was probably in the fine print. Link to comment Share on other sites More sharing options...
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