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Had a large judgment ( Also a dismissed ch 7 due to attorney

foul ups there.) in Ca...
Had a large judgment ( Also a dismissed ch 7 due to attorney foul ups there.) in Ca in 2007 from failed business which I can't pay. It is owed to a loan company taken over by Wells Fargo. Have no assets or enough income to pay them. Have been approved here in Texas for a business loan - they were told of judgment & dismissed ch 7. Local law firm has filed motion to register "foreign judgment" in Texas. Do not want to file bankruptcy due to pending loan. Want to know what I should do ? Also, is there anything to do to protect business checking accounts here ? They do not know where I bank & accounts were setup under d/b/a. Various collections agencies & several law firms have contacted me in the past about paying & I told them no money or assets to pay - they all left me alone after that.
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Answered in 1 minute by:
9/1/2013
WALLSTREETFIGHTER
Category: Legal
Satisfied Customers: 17,252
Experience: 14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
Verified

WALLSTREETLAW :

Hello I am a licensed attorney. I am here to help answer your questions. Please do not hesitate to ask for clarification

WALLSTREETLAW :

If the prior debt was in your name, it would be possible for them to collect on your personal assets, however, if you do not have a personal bank account, and everything is in a d/b/a that should protect your new business and loan proceeds,

WALLSTREETLAW :

however, you need to make sure a new tax id is created and registered with these accounts,

WALLSTREETLAW :

in fact I would create a corporation, and have the loan and all accounts placed in the corporate account, which is treated as a separate entity as yourself,

WALLSTREETLAW :

a d/b/a is not as strong as a corp for protection

WALLSTREETLAW :

A collection agency will run a search by your social security and name,

WALLSTREETLAW :

so if you do not use your social security number collection will be difficult,

Customer:

Have tax ID on business I had in Ca & am still using now in Texas. I filed tax returns using it there & now in Texas. Would they be able to locate business name even though I didn't use it with them - had an S Corporation in Ca that was the business that failed. Plan or getting an LLC for new business. Can they find d/b/a accounts here as I used 1 for 20+ years in Ca & now here ?

WALLSTREETLAW :

It would be difficult for them to collect on it, unless the loan was in the d/b/a name,

WALLSTREETLAW :

the issue is whether the tax id used was the one with the judgment on it, if it is you will need a new one,

WALLSTREETLAW :

if it is not, even if they find it, which would be rare, they could not collect

Customer:

Loan was in S corp name in Ca & it no longer exists due to closing in 2006.

WALLSTREETLAW :

than they cannot collect on the d/b/a/ if it is a different tax id and business,

WALLSTREETLAW :

they would search the name on the judgment and the tax id number of that company not your d/b/a/

Customer:

So they can't just contact various banks on a hunt for an account - the d/b/a accounts had to have our SS # XXXXX be able for us to sign checks & so on.

WALLSTREETLAW :

yes,

WALLSTREETLAW :

even if your social security is as the registered owner, the account will on the tax id number

Customer:

OK...my wife is really worried about levy on accounts even though we don't have a lot, we need it to pay bills. Loan Co knew we had no assets left & now I am 65 & can't understand why they're still pursuing us.

WALLSTREETLAW :

I would not worry too much, you can also create an LLC with its own tax id

WALLSTREETLAW :

and put your money into that account, it would be very difficult for them to collect,

WALLSTREETLAW :

A corporation is treated as a separate entity,

WALLSTREETLAW :

so they cannot be held liable for the past debt

Customer:

That's what we plan on doing when loan goes through here - hopefully in next month. Waiting on seller attorney to get sales contract so can give to loan company.

WALLSTREETLAW :

That is fine,

WALLSTREETLAW :

you should not worry too much,

WALLSTREETLAW :

Good luck, and if you have any further questions please do not hesitate to ask.

WALLSTREETFIGHTER
Category: Legal
Satisfied Customers: 17,252
Experience: 14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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WALLSTREETFIGHTER
WALLSTREETFIGHTER
WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 17,252
17,252 Satisfied Customers
Experience: 14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney

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