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How & when can a judgement be collected if the debtor forms LLC's to avoid paymint.
I foreclosed on an apartment complex because debtor had not paid taxes, utility bills & was many months in arrears with his mortgage payment. He then took everything out of his name (he was the only one on the note & mortgage) and formed LLC's to protect his assets. How can can I collect from the LLC's? He did not go bankrupt.
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If the judgment debtor is the owner of the LLCs, and if you can prove it, it should be no problem levying upon all assets in the name of the LLCs. Limited liablility only works one way: it protects the owner of a LLC from creditors of the LLC, but it doesn't protect a LLC from the creditors of it's owner. |
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