Business owners routinely seek loans and mortgages to start, maintain, and grow their businesses. Most business owners repay their debts, but because the future can’t be predicted, even the best repayment intentions may not be enough, and a business owner could end up struggling to keep the business afloat.
If you default on a commercial loan, you can expect to be hounded by the lender, first with aggressive collection efforts and then with the threat of legal action. The business itself may be sued, any owners who guaranteed a mortgage may be sued personally, and the lender may even attempt to initiate a foreclosure.
Does a mortgage dispute really pose a threat to a business owner’s personal finances? In some cases, the answer is yes. It depends on a variety of factors. Your business structure and the details of the mortgage are among the factors that will determine if your personal assets are at risk. In Ontario, a business owner in this situation must have the advice and services of a trustworthy lawyer – a Toronto mortgage litigation lawyer at Financial Litigation.
Toronto business lawyer Eli Karp focuses on corporate and civil litigation and the financial aspects of family law disputes. For more than a decade, he has merged his financial and corporate law knowledge with courtroom experience to help business owners, entrepreneurs, professionals, and other high-net-worth individuals maintain their financial stability and success.
Toronto lawyer Eli Smolarcik has worked with Financial Litigation since graduating from Osgoode Hall Law School in Toronto in 2016. He focuses on commercial litigation, debt collection litigation, and family law.