we are unable to pay this loan we have six children . we assumed the loan from my husbands grandfather . we did not sign a promissory note . there is no judgment filed against us .
Chapter 7 Bankruptcy Attorney
When you assume a loan, you sign the same thing as a promissory note - the assumption agreement. It would help to understand more about the financial details, but you could be at risk of losing a lot more than just your tax refund. If a lot of money is at stake, you ought to be consulting with a bankruptcy lawyer with lots of experience with USDA/farm issues. Hope this perspective helps!
1 lawyer agrees
The loan documents will govern the relationship between the lender andborrower. Generally, a lender my seek and judgment against the borrower and then garnish wages/accounts as a result of that judgment. They would not be allowed to garnish from a non-borrower. I think there is more to this story. I recommend you talk with an attorney about your situation and be prepared to show them the USDA loan documents.
This response does not create an attorney-client relationship. Unless you are already a client of the Law Office of Preston H. Oughton, pursuant to an executed fee agreement, you should not use, interpret, or rely on this response as legal advice or opinion. Do not act on any information in this response without seeking legal advice. Preston H. Oughton email@example.com (904) 854-6336.