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 ?
1 Answer from Attorneys
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
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