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If you have a judgment against you in the state of Texas can they take assets from an IRA or a personal corporation?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
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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?
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.
Is a judgment against the person or property?
A judgment can be against either the person or their property. A personal judgment is against the individual's assets or income, while a lien on property is against the person's property.
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.
What assets are protected against a judgment in a wrongful death civil suit?
Each state has different laws on what assets can be protected from judgment creditors.
Can a judgment in California be used against willed property?
Only insofar as the judgment can be levied against the estate of the deceased. Since it can be assumed that the willed property was part of the estate's assets then it can be liened if there are insufficient other funds in the estate's assets to satisfy the judgment.
If an attorney receives a judgment against you how does he collect if you own no assets?
Garnish your wages.
What does ltd stands for in business?
Limited. It refers to a type of corporation formed to protect the assets of the owners; generally, only the assets of the corporation are "reachable" by a judgement against the company.
What does the LLC Corporation do?
"An LLC Corporation is often used by small business owners to protect them from monetary liability. When you set up an LLC Corp. your personal property, i.e., house, car and other personal assets are off limits from being included in a lawsuit against your business."
Can a judgment against you freeze your bank account in Pennsylvania?
The judgment holder will have to enforce the judgment. He/she will get leave of court to conduct a citation to discover assets, where they will grill the bank account holder on his/her assets. At some point down the line, the court can freeze the assets or order them turned over.
Can assets be protected from a personal injury judgment by filing bankruptcy?
Yes. Consult a knowledgeable bankruptcy attorney.
How happens if defendant has no assets?
If the defendant has no assets, they may not be able to pay a monetary judgment against them. In such cases, the plaintiff may not be able to collect on the judgment unless the defendant's financial situation changes in the future.
Advantages and disadvantages of corporation?
Advantages of corporation include protected assets and heightened credibility. Disadvantages include loss of a personal touch, and ongoing expenses.
