credit card judgements

If a credit card co obtains a judgement and imposes liens against property stemming from personal credit cards, I understand they can seize my personal bank account…can they seize my Incorporated business account?

Asked on June 29, 2009 under Business Law, Illinois

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If the account is in the name of a corporation, legally that corporation is a "person" separate and apart from you as an individual, even if you're the only stockholder.   However, the judgment creditor could, eventually, take your stock in the corporation, if there's no other way for it to be paid, and get at the money that way.

Of course, to maintain the separate corporate identity, in most states you would have to have a lawyer represent the corporation, if there's anything to be done in court (such as forcing the creditor to release a lien on the corporation bank account).  One palce to find an attorney who can help you with this is our website, http://attorneypages.com


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