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J.Hazelbaker
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Can a creditor with a judgment freeze a business bank account

Resolved Question:

Can a creditor with a judgment freeze a business bank account that was formed under an S-Corp? I have an issue with an old credit card debt that was never resolved. Under the NY S-Corp filing, I have a 1% ownership in the S-Corp and my wife has 99%. In the meanwhile, we both have (under the business) a business checking and savings account.

Can a creditor freeze this bank account?
Submitted: 2 years ago.
Category: Consumer Protection Law
Expert:  J.Hazelbaker replied 2 years ago.

J.Hazelbaker :

Hello. Thank you for using JustAnswer.

J.Hazelbaker :

No. A personal creditor can not technically freeze a S-Corp's bank account.

J.Hazelbaker :

This is true unless the S-Corp was named as a defendant in the suit or the creditor improperly obtained a writ of execution from the court.

J.Hazelbaker :

Please let me know what follow-up questions you have. If my above responses have been helpful, please click Accept so that I get credit for the time/effort. You may always restart the thread and ask follow-up questions at any time by clicking the “Reply” button at the bottom of the question/answer thread. You can access this thread later in your profile under the “My Questions” tab.

J.Hazelbaker, Lawyer
Satisfied Customers: 4385
Experience: Extensive experience with contract, debtor/creditor, and consumer law.
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