Legal Question in Banking Law in Michigan

i am in financial distress and have a promissary note/ personal loan that i can not continue to pay.

what will the consequences be from the bank please?

i realize credit will take a major hit.

what can they take from me if i stop payment ?

thankyou

Asked on 2/02/10, 5:18 am

1 Answer from Attorneys

Stuart Collis Stuart M. Collis, P.C.
0 users found helpful
0 attorneys agreed

They cannot take anything from you. The bank would have to sue you, get a judgment, and then they could begin garnishing your wages, bank accounts, or attempting to do things like sell your car. In between, be prepared for the collection calls and/or being sent to a collection agency. http://www.wolverinelaw.com

Read more
2/07/10, 6:10 am

Related Questions & Answers

More Banking Law questions and answers in Michigan

Looking for something else?

Get Free Legal Advice

88222 active attorneys ready to answer your legal questions today.

Banking Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino, CA
Phillip D. Wheeler, Esq.Phillip D. Wheeler, Attorney At LawMorro Bay, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now