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Category: Business Law
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If there is a lawsuit against a NJ LLC and we have a judgement

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If there is a lawsuit against a NJ LLC and we have a judgement against the LLC, what exactly happens? How can we conduct business without having bank accounts frozen? Can they also levy on other assets the business has?
Submitted: 7 years ago.
Category: Business Law
Expert:  INFOLAWYER replied 7 years ago.
The creditor can pursue bank accounts and can have the sheriff pursue other assets including office furniture. The LLC defendant should work out a settlement to avoid this.
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Customer: replied 7 years ago.

What if the Judgment amount is so HUGE that we can't bear the cost? What are our other alternatives rather than filing for bankruptcy?


As far as the other assets go. We have Web Domains, Website Code, etc that are considered very valuable. Can they be seized as well? Can we transfer them to a different owner?

Expert:  INFOLAWYER replied 7 years ago.
You could dissolve the LLC, file for bankruptcy, seek to negotiate for a reduced amount. Any assets in LLC name, whether physical or intellectual property, could be reached by an aggressive creditor firm. If you transfer, the transfer could be voided.

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