Default judgment against me on my business

Asked almost 2 years ago - Riverside, CA

i had business in 50% partnership failed and got default judgement for about 400k and still corporation is not closed and no tax returns has done because bank has took over since 2010 ans after some negotiating we didnot meet each other's conditions so they got default judgement but it has been 2 months since no other action from them so what i am expecting to loose my first home and cars or something else. i cannot own business in future ,

Attorney answers (3)

  1. Dana Howard Shultz

    Contributor Level 20

    2

    Lawyers agree

    Answered . Although I have sympathy for your situation, you have not asked a question, thus this has been flagged.

    Furthermore, your situation is sufficiently complex that even if you did ask a question, the bottom-line answer likely would be that you need to retain a lawyer - no one can provide the type of advice you need on Avvo.

    This information does not constitute legal advice and does not establish an attorney-client relationship.
  2. Richard Scott Lysle

    Contributor Level 17

    2

    Lawyers agree

    Answered . If there is a judgment, is it valid? You should have that $400,000 judgment reviewed.
    Do you have related claims against anyone else?
    As to your house, you have a statutory homestead which protects at least 75,000 in equity. I would need more information to see whether there is greater protection. Other assets may be exempt from execution, depending upon value and your circumstances.
    If you have some assets which are not exempt, or if you expect to receive any substantial asset in the future, you should also consult a bankruptcy attorney.

  3. Kathryn Ursula Tokarska

    Contributor Level 16

    2

    Lawyers agree

    Answered . Consult a bankrutpcy attorney to figure out what is exempt and whether filing bankruptcy to protect your assets is warranted.

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