Sued by a debt colector: i don’t recognize the collector.
Simon’s answer: You can request additional details about the debt during the litigation process. However, a failure to comply with the court process could put you at risk of default, regardless of whether you recognize the collector. Good luck!
What options do I have when receiving fake Pokémon cards from online purchase over $1000?: Bought unopened product from TCG. Everything looked good until opened. Every pack was resealed and fake cards. Inside was a very expensive product. Seller had good reviews but cars were obviously fake so something fishy is going on.
Simon’s answer: You may consider filing a dispute with the credit card you used to make the purchase. You can also contact the vendor to request a refund. Good luck!
Business MCA debt and personal guarantee – can bankruptcy stop collection and protect my house?:
I am in New Jersey and own an LLC business with multiple business loans and MCA debt. The business is struggling and I may not be able to continue making payments. Some MCA agreements may have personal guarantees. I am current on my mortgage and want to protect my home.
I have these questions:
1. If my LLC files bankruptcy, does that stop MCA companies from collecting or suing me personally if I signed a personal guarantee?
2. Would Chapter 13 or another bankruptcy option stop MCA lawsuits and collections against me personally?
3. If I stay current on my mortgage but cannot pay business loans/MCA debt, can I still protect my home in New Jersey?
4. Is it better to consider bankruptcy first or MCA debt settlement/negotiation companies?
5. I currently have at least one lawsuit concern related to business debt. How urgent is it to act before judgments or bank levies happen?
I am looking for general guidance from New Jersey bankruptcy or MCA attorneys.
Simon’s answer:
1. No, filing for bankruptcy on your llc does not automatically confer protection to a personal guarantor from the lender's remedies.
2. Yes, filing for a personal bankruptcy can help protect the personal guarantor from lawsuits and collection attempts.
3.Maybe. To determine whether the equity in your home could be protected would require a detailed evaluation by a bankruptcy attorney in your jurisdiction.
4. It is best to explore all options and see which is the best fit. For example, if you don't qualify for bankruptcy (or if it will not sufficiently protect your assets), then that's an option you may take off your list.
5. There is a limited time to respond to a lawsuit before the risk of a default judgment arises. This is your opportunity to assert any potential defenses and to explore a resolution. It would be imprudent to miss that window of time. Many courts in NJ tend to be strict with respect to deadlines.
Hope that helps!