I received a summons that a lawsuit will be filed against me and I have to respond to the complaint.

Memphis, TN Viewed 73 times. Posted 4 months ago in Debt Collection
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I got a loan to finance an insurance franchise in excess of $200,000.The owners embezzeled the funds drove the company into bankruptcy and passed the loan to other lenders who are now trying to collect. Documents were filed showing the company bankruptcy which listed all franchises and since they cannot collect from them they are seeking repayment from me.How do I respond to this matter. - Is this your question? Add additional information
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Stacy Mandel Levine

Stacy Mandel Levine

Contributor Level 5
This attorney is licensed in Connecticut and 2 other states. Posted 3 months ago. Flag as objectionable
I am not licensed in your state, so this is for informational purposes only. First, do not wait to Answer the complaint, you have specific time to do this in and you do not want to default. Go to the Courthouse and file an Answer right away. I am unsure from your question if the Loan was taken personally, or for the business that filed bankruptcy? If it is a personal loan, and it was not discharged in the bankruptcy proceedings, you may be liable for the personal loan or personal guarantee. You should consult with the bankruptcy trustee named on the bankruptcy, as well as with your own attorney, so that you can be aware of all your rights. Good luck to you in this matter. Again, do not delay in answering the papers to avoid a default.
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