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I just received a summary judgment against my s corp. how…

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I just received a...

I just received a summary judgment against my s corp. how will it effect my company will the judgment just take the money our of ny bank and what happens is there is not enough money does the attachment to my bank account stays until its fulfilled

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Submitted: 2 years ago.Category: Legal
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Answered in 10 minutes by:
3/8/2016
Lawyer: Ray, Lawyer replied 2 years ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 47,136
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.

The judgment would then allow them to try and garnish your corporate account if they can locate it for the amount of the judgment.You may choose to try and negotiate with law firm to resolve the judgment and avoid this if you can do so.It is not an automatic that they locate the account but they usually can do so using credit bureaus and asset tracing.The garnishment stays on the account until judgment is paid off and then it would be released.

It would be in your interest here to try and resolve this prior to garnishment.Your other option would be a new s corporation and transferirng business and bank account set up in that name, letting the current s corporation die out with no funds or assets they can garnish.Long term thats a real option to start a second s corporation.Thats really the main benefit of a corporation is ability to fold it up and leave the judgment pending with no means to collect here in NY.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

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