Kimberly W. asked
I have a couple of merchant cash advances that I am having trouble paying. The lender is in Connecticut, and I am in Tennessee. I did not sign a confession of judgment (coj), and these advances do not have collateral tied to them. What are my options if the lender moves forward with collections? Can they seize assets, and how does the legal entity structure (LLC for the advance, Incorporation for property ownership) affect their ability to collect? Additionally, if I signed a personal guarantee, can they come after my personal assets? Can I counter sue, and how long might a court battle take?
November 23rd, 2023
Sarah M. answered
If the lender decides to move forward with collections, they may hire an outside collections agency,...
November 23rd, 2023
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