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    kbritt's Avatar
    kbritt Posts: 3, Reputation: 1
    New Member
    		  
    #1

    May 25, 2007, 06:42 AM
    Line of credit default
    I owned a business which went under and now I have a 65,000 line of credit which I have een sued for. My father was a silent partner and is being named in the suit. He has CD's retirment savings. If they file a judgment against both of us and I can not pay it will they go after his money? We live in Texas
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
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    #2

    May 25, 2007, 07:35 AM
    Yes if they can prove he is part of the suit.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #3

    May 25, 2007, 08:01 AM
    Hello k:

    You say he was a silent partner, however there isn't any designation in the law called "silent partner". Therefore, in order to asses his liability; we need to know how the business was structured, what kind of an agreement did you have with your father, did he sign the promissory note, etc. etc.

    Frankly, even if you told us every detail, there is no absolute answer here. Your dad needs to hire a lawyer, or you need to get a second job.

    excon
    kbritt's Avatar
    kbritt Posts: 3, Reputation: 1
    New Member
    		  
    #4

    May 25, 2007, 08:12 AM
    I have a great job I make too much to file bankruptcy and they were not willing to negotiate payment with me. They called the note when I closed my business and wanted $5000/month payment, If I had that I would not have closed my company.

    We had a limited liability corporation but they claim this is a person guarity note. I am not running from this debt, I owe it I just don't feel my dad owe's it. It's my debt not his. I ran the day to day operations of this company he helped me start this company in good faith and now he is stuck with a possible judgement. He has the money in his retirement account but I will not allow them to seize his money for a company I owned and ran.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #5

    May 25, 2007, 08:40 AM
    Hello again, k:

    Look, I don't care about THAT stuff. All I care about is the law on the matter, and you aren't giving me the data I need. Did he, or did he NOT sign the note?? It's a simple question.

    excon
    kbritt's Avatar
    kbritt Posts: 3, Reputation: 1
    New Member
    		  
    #6

    May 25, 2007, 09:15 AM
    Don't waste my time kid. I thought this was a legitimate website. Very wrong!
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