ATA Photography Posted August 4, 2007 Report Share Posted August 4, 2007 I have a small business loan that I'm having trouble paying. Can they put a lien on my tax ID number and if so what would that mean to me? Also, in the process of trying to settle with my orginial creditors....who should I be asking to speak with when I call?Thank you! Link to comment Share on other sites More sharing options...
willingtocope Posted August 4, 2007 Report Share Posted August 4, 2007 Is your company incorporated? Did you sign a "personal gurantee" for this loan? Are the other debts in your business's name, or are they personal? Link to comment Share on other sites More sharing options...
ATA Photography Posted August 5, 2007 Author Report Share Posted August 5, 2007 No my business is an LLC. I'm not sure if I signed a "personal gurantee"??? I'm sure that I did not put any thing down as collateral. I do know that the small business loan was probably a "construction" loan.Thanks for your reply! Link to comment Share on other sites More sharing options...
willingtocope Posted August 6, 2007 Report Share Posted August 6, 2007 If the loan was in the name of your business and through a bank, they probably would have asked for receivables and/or equipment for collateral. If you were not required to put up either, then chances are you personally guranteed the loan.What that means is if the business defaults on the loan, you become personally liable.I'd suggest you call whoever gave you the loan and see what you can work out. Link to comment Share on other sites More sharing options...
cracrap Posted August 6, 2007 Report Share Posted August 6, 2007 an llc is a corporation Link to comment Share on other sites More sharing options...
ATA Photography Posted August 9, 2007 Author Report Share Posted August 9, 2007 Thanks....I'm over $60.000 in debt for the biz! And the majoritiy of it is just in my name under my social.....I guess I'm going to call all my creditors and ask them if they are willing to settle (I have a family member that will loan me 1/2 the amount I owe). Knowing that they will probably laugh at me... I'll then let it go to collections and see what I can do...then maybe file bankruptcy. Any advice??? Link to comment Share on other sites More sharing options...
willingtocope Posted August 9, 2007 Report Share Posted August 9, 2007 If the debts are personally guranteed (which, if the have your SS#, that's the case), then if the business goes under, you are personally responsible for the debt. It will go on your credit reports...they'll start hounding you for the money...and, because it was "business related", the protections of the FDCPA do not apply.So, you've got two choices...1. Call the creditors. Don't wait for the CA to get involved, they won't help. Work your way up the food chain past the phone jerks until you get someone who will listen. Give them your story. Its unlikely they'll take 50%, but its worth a shot.b. Fold the business...and declare personal BK 7 to protect yourself from the business debt. You probably want to go talk with a BK attorney or two right now, just to see what your options are. (We had a similiar problem. Company went bust...we tried to work things out with the creditors...cashed in our 401k, IRAs, etc....wound up doing a BK 7).Good luck...we'll answer any questions if we can... Link to comment Share on other sites More sharing options...
cracrap Posted August 9, 2007 Report Share Posted August 9, 2007 ahhhhh, but even if they are biz cards , if they were used for consumer goods or services then the fdcpa does apply.....i only wish i had 60k so dont feel bad, others have it worse Link to comment Share on other sites More sharing options...
willingtocope Posted August 9, 2007 Report Share Posted August 9, 2007 ..if they were used for consumer goods or services then the fdcpa does apply....True, but you'd have to have a list of every charge and proof of what they were used for. So, the OCs are just going to assume the worst until you prove otherwise. Link to comment Share on other sites More sharing options...
ATA Photography Posted August 10, 2007 Author Report Share Posted August 10, 2007 The money was used for business stuff like finishing the basement (my studio) and equiptment. I do have proper records and receipts. I do not want to fold the business....I'm finally making a name formyself!So when I'm making these calls to my creditors....I just keep asking to speak with their supervisor and then their supervisor???? Link to comment Share on other sites More sharing options...
willingtocope Posted August 11, 2007 Report Share Posted August 11, 2007 So when I'm making these calls to my creditors....I just keep asking to speak with their supervisor and then their supervisor????There's no hard and fast rule about that. You kinda hafta play it by ear. You certainly want someone higher up than the phone jerk, but her/his boss might be enough. It also depends on whether the call center is in the states or not. Obvioulsy, you want someone who's native tongue is English. (Not begin snobbish, just pointing out that they're more likely to be in the states, and, more likely to have the authority to actually do something). Link to comment Share on other sites More sharing options...
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