have a 150,000 personal judgement against me...can they hurt or lein my corporation in ny that i just started..or in any way lein my company bank account?..i put my wife down as the secretary..

Thanks very much for the feedback....how do the atrticles of inc need to be set up?...i already set it up in my name thinking ny corp owners can remain anynomous...can his attorney find out from dept of state what co. an individual owns because now im thinking of changing it!...Thanks

im considering Bankrupct but i know i have some judgements on the way within 30 days one thats a lot...over 100k... will personal bankrupcy help?

im considering bankrupcy..does it affect my wife, obviously her credit isnt good anyway because we have gone through tough times together but a lot of her debt was paid when we sold our home.. now i have personal and business loans that are i cant handle...will my bankrupcy affect my wife if we live together?

there are no assets...although im starting a new company so i was incorperating in her and my FIL's name so i dont have any problems with the intent of loving her till the end of time
Judy ...you are very effecient i may add..thanks

can a personal creditor lien a corporate bank accout in my name and how does the creditor find out from the bank? is it electronically or do they walk in?

if im running my wifes small company thats not a corp it is simply a dba in ny do i need to incorporate to protect from judgements?

how does the corporation need to read if i want an officer to open the merchant account and bank info and what title do i want that person to be named...is it the secretary?

The Judgement hasent been granted..it is submitted and and i have been served

i had a business and defaulted on a business note that i signed personally for....i have no cash in the bank at all and im wondering do i claim personal bankruptcy..i have mounds of debt from years a ago anyway...how far can a creditor or personal liener chase you?

i sold my business lease but not the business...the money is now gone!...no where in the bank...can i declare BCY or will a trustee find out..

i sold my business lease but not the business..i put the business out of business...the money is now gone!...no where in the bank..totally spent paying off all the creditores and 9 months back rent...can i declare BCY ....

Ok don . my corp (that im trying to disolve)and myself are personally liable for the note on a business that i recently sold the lease on(had a long lease)franchise wanted it but not the phsical business....so i sold the equip and closed the doors to the food store.... i now have no assets..the home i live in i dont own...i already have 100k lawsuit from amex that never reached judgement yet...60k judgement thats quiet and has been all from 3 yrs ago..now the new judgement on the way...but my wife started a dba 12 mo's ago...is her company protected or do i tell her to incorporate...Co-mingling?.. dont know of the term...she will be doing business at my same home address and i dont know if she's protected

JudyKayTee

This is too important to fool around with - I would get a legal opinion IN WRITING from the Attorney who did the incorporation.

ScottGem

A corporation is a separate legal entity. They can attach any salary you receive, they may even be able to attach your shares in the corporation. But they probably may not be able to attach assets of the corporation.

I'm hedging here as a lot may depend on the articles of incorporation filed with the state. Also, if the corporation was set up to protect personal assets from this judgement a court might rule that illegal.

So you should consult your attorney.

ScottGem

I'm not anywhere close to a corporate law, so I can't say how the articles of incorporation need to be worded. The owner of a corporation can't be totally anonymous. Not sure how the databases are setup, but it shouldn'[t be hard for soemone to check is an indvidual is the owner or officer of a corporation.

JudyKayTee

If it's on file with the Dept of State it's public record. Certificates get pulled all the time when there's a liability claim because the Plaintiff's Attonrey needs the names of the principals and the person legally responsible for accepting service. I personally have never seen one which is anonymous - and if an Attorney didn't set up the corp there is a chance your personal assets are neither protected nor sheltered.

progunr

If the debts are dischargable to begin with, as long as you list them in a chapter 7, you could eliminate them before ever going to court.

Be careful not to leave anything out when you file though, to prevent a judgment AFTER your BK discharges.

You could wait for the bad debt to become a judgment if you want to but it is not necessary.

JudyKayTee

Only your individual or joint debts are affected. Her individual debts are not. The problem become assets, what is yours, what is hers, what is joint.

Fr_Chuck

Yes, if they are not exempt from the bankrutpcy law, such as student loans or some taxes, as noted you can do the bankrutpcy after the judgement happens, but before will help stop excess legal work.

The court will look at your income to debt ratio, 100,000 in debts is alot if you earn 40,000 but is nothing is you earn 500,000. So you have to see an attorney and go though the requirements for filing

donf

If the judgement has been granted, you are already toast.

No point in hiding any more!

oneluv4you

Don.... the judgements will come regardless. To protect yourself and your personal property from the business' debts, I will recommend you register the business as an LLC in order to exonerate your private assets from liabilities that are incurred by the business.