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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
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Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I used to own a vending business. My partner and I closed the

Resolved Question:

I used to own a vending business. My partner and I closed the doors over 2 and a half years ago. We sold the business as an asset sale and received pennies on the dollar for what the business was worth with a seven year note paying the remaining money owed to us.
At the time, we still owed Coke over 50,000 in which my partner, specifically signed my signature to the personal guarantee portion of the page when I was out of office , and faxed it back without my knowledge during the inception of the business. After being sued by them entity wise and personally, we settled to pay back Coke over 2300 a month for two years until debt settled without a judgment. We had paid ten straight months thus far from the note being paid from the buyer, when a judgment hit from the landlord we were under at said business. The landlords judgement stepped in front of the payments going in to company bank account and now Coke can't be paid. Coke is going after entity and then me personally. I don't have an extra 2300 a month for next 14 months to pay Coke and the attorney ain't hearing it......How can I protect money that comes in my personal bank account with wife from a judgment. I have three kids and limited income at this point barely paying bills with an NFL annuity and limited disability payments along with making a little bit of money on side investing in plane parts with a friend?????
Submitted: 10 months ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 10 months ago.
Thank you for your post. I am genuinely sorry to hear that you are in this situation. Are they pursuing a formal judgment against you? What assets do you have jointly with your spouse? Do you have any trusts set up at this time?
Customer: replied 10 months ago.

Eventually they will pursue me personally, as they did before. To go to trial and oppose the forged signature would prove to be costly. i.e. handwriting expert, wrong soc. sec. number, retainer, court cost. ..My wife and myself already have the bank account marked as a trust..No formal changes in 15 years since marriage and setting it up.....Should Ihave her take me off all aaccounts?We pay bill out of this B of A account.

Expert:  Dimitry K., Esq. replied 10 months ago.

Dean,

Thank you for your follow-up. Should it ever come to you being pursued, any asset under your name, and any asset jointly held by you and your spouse is permitted to be pursued. That can include your home if it is under both names, jointly titled vehicles, joint bank accounts, pension plans, and the like. If you want to avoid those assets being pursued, consider removing your name as soon as possible so that your spouse is not exposed to any liability. And if you can, try to move more of your assets into a trust so that it could be potentially protected to some extent from a judgment.

Good luck.

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37076
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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