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Richard, Attorney
Category: Business Law
Satisfied Customers: 53675
Experience:  32 years of experience practicing law and a businessman.
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I Am The Secretary-Treasurer Of A Small Family S Corporation.

Customer Question

I Am The Secretary-Treasurer Of A Small Family "S" Corporation. We Were Sued By A Creditor We Owe Around $10,000.00 Several Months Ago. The Company's Lawyer And My Family Agreed To $100.00 A Month Payments. After Two Payments The Company Wanted More Money And They Are Now Asking The Court For A Receivership On Myself And Our Company. What Are The Consequences Of This And What Are My Options?
Submitted: 5 years ago.
Category: Business Law
Expert:  Richard replied 5 years ago.

Good afternoon. They can only sue the corporation and go after its assets. You have no personal liability for the corporation's debts. You should ask the court to have the claim against you be dismissed.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.


Richard and 4 other Business Law Specialists are ready to help you
Customer: replied 5 years ago.
Assuming That I Signed The Credit Application Individually Can The Receiver Take My Property Even Though I Owe More Than It's Worth And I Did Not Put The Property Up As Collateral? Also Who Pays For The Receiver?
Expert:  Richard replied 5 years ago.
No...they are not going to do that....unless you have liquid assets they are going to have no interest. If they do get a judgment, you can simply file for bankruptcy protection and get the judgment discharged. Your personal property is going to be beyond their reach as well as any retirement assets and/or retirement income you have, as well.