QUESTION

Are my personal assets that I use to run and maintain my sole proprietorship in jeopardy when a creditor gets a judgement against me personally?

Asked on Sep 18th, 2013 on Debtor and Creditor - Florida
More details to this question:
A credit card company sued me personally for $7000 (they did not sue my small business) and got a default judgement against me. Since it is a photography business that I own, I have probably $10,000+ worth of camera equipment in my possession. I understand that equipment that belongs to the business cannot be seized by the creditor, however since I am a sole proprietor aren't my business and my personal self one in the same? After all, the camera equipment was purchased with my personal checking account (I don't even have a business account). Who is to say that the business "owns" that equipment and that I don't own that equipment personally? What do I need to do to protect these assets from being seized? I am concerned that they can just come into the apartment and take the cameras since they are none the wiser that I need them to make money. (I run my business full time and do not have another job) Thanks in advance for your reply.
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1 ANSWER

Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
2 Awards
Yes. They may seize your assets, including the stock for your corporation or the assets you own personally if its a DBA.
Answered on Oct 01st, 2013 at 4:33 PM

All responses are NOT to be considered legal advice nor to be relied upon in any as such nor to establish any form of attorney/client relationship. Opinions expressed are solely informational and not a substitute for proper legal advice provided by a properly retained after thoroughly researching the issues presented.

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