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FiveStarLaw
FiveStarLaw, Attorney
Category: Business Law
Satisfied Customers: 36551
Experience:  25 years of experience helping people like you.
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We defaulted on an equipment lease and the leasing company

Resolved Question:

We defaulted on an equipment lease and the leasing company won a summary judgement. The lease was personally guaranteed by both my wife and me, and the judgement was issued against the llc and us individually. The llc was desolved and I started a new llc. My question is: can the leasing company access the new business bank account? This is a totally different business, we are in NY state and the judgement was issued in NY state. What is the best procedure for protecting my new business while I resolve the summary judgement? Much of the funds deposited belong to clients (this is a construction business) and due to insurance regulations I must be completely transparent in my accounting systems.
Submitted: 3 years ago.
Category: Business Law
Expert:  FiveStarLaw replied 3 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :



So sorry to hear of this dilemma. I am a New York licensed attorney. If my answer is not clear to you, please ask me for clarification by using the reply button.

Customer:

thanks, XXXXX XXXXX

WebLaw :

I am typing your answer.

WebLaw :

Unfortunately the judgment may be executed against the LLC.

WebLaw :

Here is why

WebLaw :

The LLC is an asset owned by you and/or your wife. A judgment against you and/or your wife personally, can be used to attach any assets that you own. This includes your interest in the LLC

WebLaw :


I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand.

Customer:

As I understand it, due to the personal judgement any future businesses of ours will be affected by the judgement.

WebLaw :

unfortunately that is correct

Customer:

Thank you and I appreciate your honesty.

WebLaw :

It has been my pleasure to work with you

Thank you in advance for remembering to click accept. If you experience difficulty using the accept button, please let me know as JustAnswer pays me for my time only if the "accept" registers..

Please let me know if I can assist you in the future by requesting me directly.

FiveStarLaw, Attorney
Category: Business Law
Satisfied Customers: 36551
Experience: 25 years of experience helping people like you.
FiveStarLaw and 2 other Business Law Specialists are ready to help you

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