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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?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 6y ago
Wiki User
∙ 8y agoHouse
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If an attorney receives a judgment against you how does he collect if you own no assets?
Garnish your wages.
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.
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 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.
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.
What happens after a judgment is entered against you in small claims regarding a rental property?
The prevailing party (judgment creditor) may collect on the judgment. You may be summoned to court to tell about your assets, garnishment may be started, or other lawful means of collection may be used, at the judgment creditor's discretion.
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.
In Florida a summary judgment is against you for a business that could not finish the lease you lost your business and all your money what can the owners get from you now?
You can be ordered into court and they can ask you any question under oath about your assets, if you have no assets or money try to settle for pennies on the dollar, if that doesn't work they can refill every 15 years against you which I doubt they will depending on the amount owed. So anytime in the future if you have the money to pay what you owe they can collect with interest, I'm sorry to say.
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.
Is judgment proof legal in Kentucky?
Yes, judgment proof is legal in Kentucky. Judgment proof refers to a situation where a defendant does not have sufficient income or assets to fulfill a court-ordered judgment. In such cases, the court is unable to enforce collection of the judgment against the defendant.
What action can a lender take after a car is repossessed against the borrower?
After the sale of the vehicle if there is a difficency balance the lender can file a judgment for the difference. Depending on the jurisdiction of the judgment the process used to try to collect on the judgment varies. First you must determine what assets the person has if any, and then that will determine your course of action. If the person has no assets then you're just wasting time and money although they may obtain assets in the future. In some jurisdictions you must renew a lien or judgment every two years.
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.
