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Guest

I had two MI Businesses. The Credit Union I had mortgages with was also a tenant. They stopped paying their Lease and I was forced to stop paying my mortgage because of that. The properties were valued at a little over 2.5 mill and I owed a little over 450,000. I lost all three properties to the Creidt Union and they still got a judgment on me for 250,000. I moved to Kentucky were I already had another Corp. from 1950's that the stock is in my name with a trust. It had been over a year+ without a word from the Credit Union to collect this judgement. Is my corporation in Kentucky safe from them? Is it normal to have a long period of time to collect a judgement? Should I file for relief even thru I am doing ok? I want to be legal but I do not want to loose the family farm!

jerry · Posted: Wed Jun 09, 2010 2:53 am Post subject:

Hi Guest,

Your corporation is located in Kentucky whereas the credit union had foreclosed your property in Michigan. If they want to sue you in Kentucky, they will have a file a lawsuit with the court of Kentucky or else they won't be able to come after you for the dues in Kentucky. If you want to file a relief, then that has to be in a Michigan. Also, you should check out the statute of limitations (SOL) prevalent in Michigan. If the SOL have been crossed, then you can avoid making the payments.

Thanks,

Jerry

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