I am a 70-year-old who has closed his business due to family heath problems and I have a line of credit with a bank for $47,000 and no way of paying it off; what can I do?
I am 70 years old. I have owned an S Corporation since 1998. Unfortunately, my wife got sick and I had two surgeries and the business became a struggle. I closed the business in December 2018 and paid every debt we had except one line of credit, on which I owe $47,000. They have sent a demand that I pay the debt. I have no way to pay it. I am worried that they will try to take my house. What can I do?
He'll need to determine right away whether or not you made a personal guarantee of the loan or if you pledged your house as collateral.
Good luck to you, sir!
Sorry to hear. You seem to be an honorable man to have paid off all creditors but one. You should pay a little money to an attorney to verify but I do not think they can take your home. I am not an attorney and cannot say for sure. Ask an attorney.
Next tell them they have to do what they have to do, but you are 70 and do not have the money to repay. No matter what they say or threaten, continue to tell them "Do what you have to do, but I am 70 and do not have the money to pay."