How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Business Law
Satisfied Customers: 55442
Experience:  32 years of experience practicing law and a businessman.
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

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: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 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.



I hope this has given you the guidance you were seeking. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


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 2 other Business Law Specialists are ready to help you
Customer: replied 6 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 6 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.