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 ?


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

1 Answer from Attorneys

Stuart Collis Stuart M. Collis, P.C.
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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.

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Answered on 2/07/10, 6:10 am

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