I just got a phone call from a Collection company and told me that I owe 90,000.00 dollars. They said it was a personal loan that they refilled on me back in 2005. They said there coming after my LLC Company here in Kansas. Im partnered with my Son he owns 30 percent and I OWN 70 PERCENT. I have never been served or went to court on this matter. I have had problems in the past but thought i was passed all that now having a credit score of 713. My question is can they go into my LLC. Business account without notifying me first. Is that even legal don't they have to prove that im comingleing the funds first.
I suspect that the collection company purchased your paper (in bulk) for pennies (or less) on the dollar.
You need to discuss this matter both with your business lawyer and with a bankruptcy lawyer. Note: I am not recommending that you file bankruptcy.
An evaluation of your situation requires a detailed review by a lawyer. A major issue is: Is this debt barred by the statute of limitations?
Questions your business lawyer should ask include:
When did you make this personal loan?
Where did you make this loan?
Do you have a copy of the loan documents?
When was the loan due?
When did you last make a payment on this loan?
Where have you lived since you defaulted on this loan?
Note: Just because your debt is barred by the Kansas statute of limitations, does not mean that it is barred by the statute of limitations of the jurisdiction where the loan was made.
Bankruptcy lawyers are experts on the Kansas exemption laws. Kansas law allows a debtor to convert non-exempt property (property which a judgment creditor CAN have a sheriff or process server seize and sell to apply the proceeds to the judgment debt) into exempt property (property which a judgment creditor CANNOT have a sheriff or process server seize and sell to apply the proceeds to the judgment debt).
For example, under the case of Sproul v. Atchinson National Bank, 22 Kan. 336 (1879) with a cooperative lender, you can make your non-exempt property additional collateral on your home mortgage and require the mortgage lender to exhaust the additional collateral before looking to your home for repayment. If the additional collateral cannot be sold for enough to pay off your mortgage, the additional collateral is out of the reach of your judgment creditor.
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