Wht to do if I am being personally sued for a business loan in default?

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Wht to do if I am being personally sued for a business loan in default?

The plantiff said I could pay less then the full amount with me signing a “Settlement Agreement” outlining the payment terms. However, they say the only way this can be done is if I sign an “Agreed Final Judgement” for the full amount. According to them, this would not be presued unless I defaulted on the Settlement Agreement. Is this accurate and, if so, advisable?

Asked on January 15, 2013 under Bankruptcy Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Based upon the general description of what you have written the proposal is a stipulated judgment where if you adhere to the terms of the written proposal you pay a lesser amount owed but if you default, you end up paying the full amount owed. I suggest that you consult with a consumer law attorney to review the proposal submitted to you.


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