What are the consequences of defaulting on an unsecured business line of credit that I personally guaranteed?

Jun 29, 2009 in Business Line Of Credit

The LLC and I are both in New Jersey. I know a judgment is eventually put on my credit, but what does that allow the bank/creditor to “do” to me personally?

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One comment

Chandra157 on June 29, 2009 at 4:31 pm

Take possession or put a lien against everything you own until the debt is paid off, they can even garnish your wages. Plus you won’t be elligible for any new credit until the judgement is taken off your credit report.

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