Legal Question in Credit and Debt Law in Massachusetts
The limits, if any, of personal liability.
I have defaulted on my personal (that is, non-business)mastercard. The creditor is now seeking to collect on this debt, is unwilling to negotiate settlement with me, and threatens legal action. Does this creditor have any legal right to seize the assests of my LLC over this personal unsecured debt? I have heard conflicting opinions.
1 Answer from Attorneys
Re: The limits, if any, of personal liability.
I am not surprised you have heard conflicting advice, because the answer is really fact sensitive (which is just another way to say "it depends").
The stock of your LLC can probably be seized, if you own it. The assets are a tougher question, and it depends on the extent to which you have observed corporate formalities, and whether the LLC benefited from any of the purchases.
To get a "real" answer to your question, I am afraid you will need to talk to someone in person, and fill them in on the facts.
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