Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

My company is being sued by three different people. The company

is not worth the money...
My company is being sued by three different people. The company is not worth the money they are asking. One suit is for under paid wages/ ot, but was a set up with documentation by two other employees. One is by an agency over documentation. One by an employee of another company suing on behalf of the state. A mess.
They can have the business and its assets. But to put my family through the possibility of losing our home to vindictive and fraudulent charges and acquisitions is where the line is crossed. There are no judgments and no court dates as of yet. It’s just endlessly costing to have attorneys do the legal work.
My question is how can I protect my personal assets? My home and vehicles.
Show More
Show Less
Ask Your Own Legal Question
Answered in 3 minutes by:
10/2/2013
Dwayne B.
Dwayne B., Attorney
Category: Legal
Satisfied Customers: 34,305
Experience: Began practicing law in 1992
Verified

Dwayne B. :

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification.

Dwayne B. :

Is your company a corporation?

Customer:

llc

Dwayne B. :

Assuming that you operated the LLC properly (didn't pay personal bills out of the corporate account, etc) then it should provide protection for you. That is one of the main purpose of incorporating.

Customer:

I did spend a portion from time to time.

Dwayne B. :

You can also talk to a bankruptcy lawyer about possibly putting the LLC into bankruptcy

Customer:

Would that protect my home?

Dwayne B. :

Yes, that should protect you completely.

Dwayne B. :

The big thing about an LLC is always act like it is a corporation and then it protects you.

Customer:

I am currently under contract and don't wish to go bk just yet. Are there other options?

Customer:

I still wish to stay in business but maybe operate under another LLC

Dwayne B. :

You can hire a lawyer and they can delay the proceedings a while.

Dwayne B. :

How much time is left under the contract?

Customer:

Three more months

Dwayne B. :

The lawyer can easily stretch it out that far. You can then start a new corporation, handle it correctly, and continue doing business but discuss this with the lawyer that prepares the LLC documents.

Dwayne B. :

Be sure you understand how to "act like a corporation".

Customer:

I've learned my lesson. I am trying to avoid bringing the family into the mess and trying to save themmes.

Customer:

I need to know for sure that the house cant be touched. How do I find that peace of mind?

Dwayne B. :

That's the way to do it. Just so it's clear. 1) Hire a lawyer, 2) explain to them you're trying to delay for a while, 3) file bankruptcy (if need be) and 4) form a new LLC.

Dwayne B. :

A bankruptcy protects the house. Also, let me check and see the exemption level for the house.

Dwayne B. :

The house is in CA as well?

Customer:

Yes

Dwayne B. :

Just one sec

Customer:

o

Customer:

ok

Dwayne B. :

The CA homestead exemption is a little more complicated than in most states. Youcan exempt up to $100,000 if you live with one or more family members; $175,000 if you are 65 or older, or physically or mentally disabled; $175,000 if 55 or older, single, and earn a gross annual income under $15,000 or are married and earn a gross annual income under $20,000.

Dwayne B. :

That is the amount of equity that is exempt.

Customer:

I don't think I understand. The house is paid off. worth 700

Customer:

Married

Customer:

55 and older

Dwayne B. :

It's worth $700k?

Customer:

yes

Dwayne B. :

Only those amounts are exempt from creditors. However, since it is the LLC that is being sued then you may be able to just file a bankruptcy for the LLC and not personally and thus clear the debt without the house being involved at all.

Customer:

Once bankruptcy is filed, can they still go after the house?

Dwayne B. :

Not generally. You're going to have to spend some time going over the specific facts with the lawyers but the other side are still a long way from being able to go after your house.

Dwayne B. :

You may also want to talk to the lawyer about ways to protect your house in the future like using a trust, a family limited partnership, etc.

Dwayne B. :

That probably won't help you with this case but it's a good idea for the future.

Customer:

okay thanks.

Dwayne B. :

You're very welcome.

Customer:

I appreciate your advice.

Dwayne B. :

Glad to help.


Best wishes to you on this and please don't forget to leave a Positive Rating (of course I’d suggest Excellent!) so I get credit for my work.

Dwayne B. :

Anything else I can assist with before I exit to help others?

Customer:

That should take care of my concerns for now. Thank you again..

Dwayne B.
Dwayne B., Attorney
Category: Legal
Satisfied Customers: 34,305
Experience: Began practicing law in 1992
Verified
Dwayne B. and 87 other Legal Specialists are ready to help you
Ask your own question now
Thank you very much for the Positive Rating. Please come back and visit us if you have any new questions and feel free to ask for me by placing “FOR DWAYNE B” in the subject line or as the first words of your question and I will pick up as soon as I see it.
Ask Your Own Legal Question
Customer reply replied 3 years ago

Thank you for your previous assistance.


 


I now ask the following:


 


If in litigation, can I dissolve my current business? There are still no judgments or court ordered penalties. Or do I need to go through a bankruptcy to close everything once and for all?


 


 

If you dissolve the business while in litigation the liability would almost certainly fall to you personally and anyone else involved.

You would likely be much better off going the bankruptcy route.
Ask Your Own Legal Question
Customer reply replied 3 years ago

Thank you for the clarification.

You're very welcome.
Ask Your Own Legal Question
Ask Dwayne B. Your Own Question
Dwayne B.
Dwayne B.
Dwayne B., Attorney
Category: Legal
Satisfied Customers: 34,305
34,305 Satisfied Customers
Experience: Began practicing law in 1992

Dwayne B. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
This is a question for a litigation lawyer. my question is i
This is a question for a litigation lawyer. Hi my question is i have a open lawsuit with the city DEP my business was in the sandy storm and lost a lot of our merchandise. It was an online business. T… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,289 satisfied customers
When an employee completes a Claim of Exemption and Request
When an employee completes a Claim of Exemption and Request for Hearing on a Garnishment, do I continue the garnishment until the results of the hearing are known or does it "pause" the garnishment?… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
I need a few recommendations for trust breach litigation
I need a few recommendations for trust breach litigation representation in or near Aurora Illinois. Thank you … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,343 satisfied customers
Bankruptcy question: I don't understand how the exemptions
Second opinion] Bankruptcy question: I don't understand how the exemptions work when you have moved from one state to another. I understand how you determine which exemptions apply and where you shoul… read more
Michael Bradley
Michael Bradley
JD
1,193 satisfied customers
I have just been notified by a litigation office that I will
I have just been notified by a litigation office that I will be served for a non-payment of a personal check from me that so called happened over 15 yrs. ago. The amount was said to be for 800. Now th… read more
Lori
Lori
Juris Doctor
288 satisfied customers
I'm a contract employee but on the website as sales
Hi Pearl I'm a contract employee but on the website as sales director, and am supposed to participate in meetings. Can I refuse the meetings if I'm a contract worker? … read more
Damien Bosco
Damien Bosco
3,390 satisfied customers
I need a religious vaccine exemption letter for an adult.
hi i need a religious vaccine exemption letter for an adult. how can i get one? … read more
Nisha Jones, Esq.
Nisha Jones, Esq.
Juris Doctorate
1,810 satisfied customers
Is an employee handbook a contract in Oklahoma? I am not
I am not sure to say "at will" since I don't understand what that means; however, I was full-time. Is this something that yu are asking me to kook up in the employee handbook? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
I worked as a contract employee (GRA inc) for about a year
I worked as a contract employee (GRA inc) for about a year and a half. And our contract was with the Defense Health Agency. So basically I'm a contractor working for a federal government agency. I und… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
This is a litigation question. I represent a woman who fell
This is a litigation question. I represent a woman who fell in an elevator accident in October or 2011. Her primary injury was to her ankle including tendon. She has extensive problems with other part… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,727 satisfied customers
Can a judge adjudicate a litigation between someone who is
can a judge adjudicate a litigation between someone who is under his supervision and that person's probation officer ? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
I need to know what the personal exemptions are for business
I need to know what the personal exemptions are for business bankruptcy in the State of Maryland. If the business, for example, has $250K in debt and were to declare bankruptcy and that amount is pers… read more
Ray
Ray
Lawyer
Doctoral Degree
30,877 satisfied customers
I am a 1099 contract employee living on NC. I am contracted
I am a 1099 contract employee living on NC. I am contracted with a publishing company headquartered in Chicago. There are a lot of issues with this company. However, the most recent has caused me some… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
Are newspaper carriers exempt for the enforcement of the
Are newspaper carriers exempt for the enforcement of the Arizona seatbelt law while they are engaged in the duties of delivering the newspapers? … read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
35,305 satisfied customers
I was a trustee/defendant in a probate litigation. The
I was a trustee/defendant in a probate litigation. The plaintiff's attorney accused me of staging a burglary. The police in that jurisdiction conducted a thorough investigation and found that the burg… read more
Olivia Kent
Olivia Kent
Managing Partner
Doctoral Degree
1,966 satisfied customers
I'm an non-exempt employee. Every 10 years I need to
I'm an non-exempt employee. Every 10 years I need to recredital my security clearance. My employer allowing some coworkers time to compete at work. I was told by my manager I have to complete my on my… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
I am an exempt employee that has approved FMLA. I only work
Hi, I am an exempt employee that has approved FMLA. I only work 4 days a week at 32-35 hours. My employer just notified me that I am going to be hourly since I am not working 40 hours a week. I live i… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
An employee of mine signed a contract when she is neither
An employee of mine signed a contract when she is neither authorised to do so or has the authority. Only one person may sign contracts and that is the Managing Director.The contract is almost a scam i… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,002 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x