Legal Question in Business Law in Georgia
Personal Debt and Corporation
Can a creditor potentially seize assets of a corporation that I am an officer of in payment for debts that I owe personally?
Asked on 4/13/07, 7:57 am
2 Answers from Attorneys
Charles W. Field
Charles W. Field, Attorney at Law
Re: Personal Debt and Corporation
Generally no. In order to seize assets the creditor has to sue and get a judgment against the corporation, unless there is some type of repossession right for the creditor in a contract. Consult with a local attorney.
Answered on 4/13/07, 10:13 am
Robert Thompson
J. Robert Thompson Attorney
Re: Personal Debt and Corporation
For all practical purposes, no.
However, he can seize any stock of the corporation you own. If that gives him control of the corporation, he can help himself to the corporate assets.
I concur with Mr. Fields that you should consult an attorney.
Answered on 4/13/07, 11:04 am
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