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If a small business has a lawsuit or judgment against them can they take your personal assets such your house car and other monthly incomes not associated with the business?
Rrdulworth
If you operate as a soleproprietor then yes your personal assets can be used to satisfy the judgement. If on the other hand you operate as a corporation or a LLC then your personal assets are protected.
Wiki User
∙ 14y ago
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What protection do your business partners have if you have a judgment placed against you?
Obviously it is not related to the business and therefore as a personal affair, it would have no effect upon a jointly owned business. Creditors generally cannot take action against jointly owned business when there is a sole debtor.
If you have a judgment against you in the state of Texas can they take assets from an IRA or a personal corporation?
Depends on what the judgment is for. It the business was a part of the debt, yes. In the case of the IRA, not usually unless it can be proved the contribution(s) constituted fraud.
Can personal property be seized from the president of a corporation that has a judgment against it?
No personal property of an indivual officer of a corporation may be seized to pay a corporate debt. This is so even if that individual is the person responsible for the claim against the corporation. As long as the judgment is against the corporation, only corporate assests may be seized. Sometimes plaintiffs in actions against corporations try to get judgments against the individual officers or shareholders as well as the corporation itself by means of a legal theory called "piercing the corporate veil". This is usually not successful. But even if the plaintiff were successful and got a judgment against the corporation and the individual, the individual's property would not be subject to seizure because of the judgment against the corporation. His/her property would be subject to seizure because there would be a judgment against him/her personally. This is the whole purpose of the corporate structure to begin with, that is, the ability to run a business without fear of personal liablity.
Can a judgment be placed against you personally when when operating a business through a corportation?
Yes
What assets or money can be taken from us if a judgment has been made against us to collect unpaid rent for a business we had to close?
It depends on the details. If the business was incorporated and the judgment was against the corporation the creditor can only take business property and assets. If you owned the business as individuals then a judgment creditor can take any of your assets to satisfy the judgment: bank accounts, vehicles, boats, equipment, real property, etc.
Can personal property be levied when a judgment is placed against you for credit card deliquency?
Answer: If your credit card company obtains a judgment against you they may take any property of value that they can find.
How do you file a lien against a business in WA state?
You must sue the business and win a judgment.You must sue the business and win a judgment.You must sue the business and win a judgment.You must sue the business and win a judgment.
If personal property is not asked for but money is in a small claims action can that property be repossessed?
(Assuming you are the defendant) If the plaintiff is awarded a judgment against you, and you do not satisfy the judgment in full, the plaintiff may file for a writ of execution on the personal property. The personal property can then be sold at a public sale to help pay for the judgment.
Can a credit card company put lien on your property in California?
Yes, if the lender sues the debtor and receives a judgment award, the judgment can be executed against personal or real property owned by the judgment debtor.
What can the credit card companies do if you refuse to pay a debt in Texas?
The creditor can file suit against the debtor and if the creditor is successful and is awarded a judgment the judgment can be executed against all non exempt real and personal property belonging to the judgment debtor.
What is real estate judgments?
A court ruling that gives a creditor the right to take possession of a debtor's real property if the debtor fails to fulfill his or her contractual obligations. A judgment lien may be made against an individual or business and allows the creditor to access the debtor's business, personal property and real estate, among other assets, to pay the judgment.
What is a levy against personal property?
A levy is when a creditor is allowed to take and sell your personal property. This can be a tax levy or some other form of judgment.
