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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10639
Experience:  30 years of corporate, litigation and international law
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My wife and I broke a one year lease for a rental apartment

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My wife and I broke a one year lease for a rental apartment in April 2011 after living there four months. A collection agency wants $8360, the balance owed on the lease. I own a business as a sole proprietor with an asset worth $25,000. I am taking this asset back to the same area we lived in and the management of the apartments might get wind of the fact that I'm back in the area.
Would an LLC protect my business asset, should they decide to attach it against the money owed?

bizlaw :

Transferring it to the LLC will make it harder for them to levy on the asset but it will not fully protect it because the transfer could be considered a fraudulent conveyance which would allow the creditor to pursue the asset. However that will require a lawsuit to do.

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