Legal Question in Business Law in Connecticut
Exemption from Bank Execution
Found to be Judgement debtor in case. Never notified of Judgement or payment options. Money was taken out of account. Looking for exemption. Company is an LLC.
1 Answer from Attorneys
Re: Exemption from Bank Execution
Hello,
A judgment creditor who has a perfected security interest in your assets (e.g., by holding your money in a bank account, the bank has a perfected security interest against debts owed) can legally take the money out of your account.
Being an LLC does not mean that you can avoid paying your debts. There are really no exemptions to judgments.
You can, however, appeal the judgment, provided that you have a valid basis for the appeal and are still within the timeframe proscribed by law. If you honestly believe this to be the case, talk to an attorney about it.
Good luck!
Diana
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