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NY debt collection laws, Can my creditor sue my business bank account or sue a LLC or nonprofit for my personal debt
Hilton, NY
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Posted about 1 year ago in Debt Collection
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LLC and NOn Profit Personal Debt:
I owe $20,000 in debt. I plan to pay it off which should take a year. At this time I would like to start a LLC and nonprofit.
Can my creditor sue my business bank account or sue a LLC or nonprofit for my personal debt. - Is this your question? Add additional information Answers (1)
Patrick Walter Begos
This attorney is licensed in New York and 1 other state.
Posted about 1 year ago.
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If a creditor gets a judgment against you individually, that creditor can attempt to collect the judgment out of whatever assets you own (that aren't specifically exempt). The LLC that you are considering starting would be an asset you own, as would any assets owned by the LLC.
The creditor might or might not have to jump through some hoops to get to an LLC bank account, depending on how the LLC was set up, but the creditor would very likely be able to get it eventually to satisfy your debt. |
