Our company has not been able to pay back loans (plus interest and late fees) amounting to ca. $317,000. The lenders are

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Customer: Our company has not been able to pay back loans (plus interest and late fees) amounting to ca. $317,000. The lenders are now demanding immediate payment or they will send us a Notice of Default. Our company is a Texas corporation (C-corp) in good standing in the State of Texas. The lenders told us ca. 10 days ago that they may consider holding off demands if we can make a substantial down payment and furnish a payment plan.
JA: Have you talked to a CA lawyer about this?
Customer: Re: Late repayment of loans
JA: What steps have you taken so far?
Customer: What is the process and timescale in Texas to obtain more time to repay the lenders?
JA: The Lawyer will be able to walk you through that. Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: The lenders also tried to negotiate a Forebearance agreement but it is very unfavorable to our company. Please tell me a good time and number to call you. Michael Berry, with an email address of***@******.***.
Answered by Ben S. in 43 mins 7 months ago
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Ben S.
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Expert in: Family Law, Legal, Estate Law, Real Estate Law, Criminal Law, Employment Law, Business Law, Consumer Protection Law, Bankruptcy Law, Traffic Law, Personal Injury Law.

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Ben S.
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10+ years of experience
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Ben S.
10+ years of experience
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26756 Satisfied customers

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Jessica

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Ben S., Expert

Hello and welcome to JustAnswer. My name is ***** ***** I'm a licensed attorney. Please note this site is for general information for educational purposes only and my responses do not constitute legal advice, nor do your questions or my responses establish an attorney-client relationship or are subject to attorney-client privilege.

While we are working together, you might experience a wait time. This is because I am working with more than one customer at the same time. Even if it takes a little while, I promise I will respond when I am able to. Thank you for your patience.

I am very sorry to read about your situation. I am sure it is very worrying and I hope we can address the matter here.

,

I have read what you wrote. I can try to respond if your question falls within one of my practice areas, but I don't see that you have actually asked a legal question that I could answer. What would you like to ask me today?

Customer
Dear Mr. Ben S.
Customer
What is the process and timescale for various actions the lenders can take against our company here in the State of Texas?
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Ben S., Expert

1. How many loans are there?

2. are the loans secured?  If yes, what collateral secures the loans?

3. Did you personally guarantee the loans?

Customer
There are 3 unsecured loans with no personal guarantees.
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Ben S., Expert

Do the agreements say which state's laws govern the agreements?

Customer
the State of Texas
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Ben S., Expert

Okay.  Thank you for providing the information I requested.

The company fails to make the loan payments the lender(s) can sue for breach of the promissory note agreement.  Texas has a 4-year statute of limitations for breach of contract cases.  This means that a lender has 4 years from the date of the breach within which to file the lawsuit.  They can only sue the borrower (the corporation), not the shareholders (because they did not personally guarantee the loans).

.

Have I given you a satisfactory response?

Customer
No, I would like to know the process and timescale for actions the lenders can take against our company.
Customer
Sorry - I missed part of your reply. It is a satisfactory response..
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Ben S., Expert

Great. It was my pleasure to assist you. Any bonus you think I have earned would be much appreciated. :)

Cheers!

And if you need help with a new legal question in the future, please use either the "Ask me a new question" feature on your “My Questions,” OR add me to your Favorite Experts list OR click on the following link and start your question with the words "FOR BEN S. ONLY": https://www.justanswer.com/law/expert-californialawyer/?rpt=3800

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