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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 117367
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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Hi PaulmoJD. I believe you have answered questions for me

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Hi PaulmoJD. I believe you have answered questions for me in the past. My question today is this: The corporation that I own 70% of has a money judgment against me for $1M+. My main equity is in the corporation itself as stock, unpaid compensation, and the value of assets that were transferred to the corporation for which I have not yet received any consideration. The lawyer for the minority shareholders is going after my personal assets (real estate, cars, boats, etc.) rather than going after my assets in the corporation. What can I do to use my assets in the corporation to settle my $1M+ obligation to the same corporation?
Thank you for your new question and for asking for me again. I look forward to working with you.

If those assets you have in the corporation, those assets can be used to satisfy the judgment against you. This is a matter that has to be brought to court to prove the assets exist and are owed to you by the corporation and the court can order them levied and applied to the debt you owe to the corporation if the corporation refuses to accept them as partial or full payment (depending on their current value) towards the payment of your debt. You start by offering them those assets in payment and if they refuse you have to file a motion in court to satisfy the debt from those assets and ask the court to declare those as your current assets, place a value on them and offset those towards the judgment you owe them.

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