QUESTION
In the state of Florida, can a judgement creditor seize property/assets that are used to run/maintain my small business (sole proprietor)?
Asked on Sep 12th, 2013 on Debtor and Creditor - Florida
More details to this question:
I have recently had a default judgement made against me after being sued by a credit card company. I have a short window of time in which I am being required to provide bank statements, title to my car, bank acct numbers, etc. I have a photography business and own $10,000 worth of camera equipment that I use on a weekly or biweekly basis to photograph weddings and events. Photography has been my only source of income for the past 5 years. Can the creditor take my cameras (which would thus put me out of business)? Do I need to file some sort of paperwork or exemption to keep them from doing so? Would becoming an LLC (vs. sole proprietor) be the way to go?
1 ANSWER
Is the judgment against you or your photography business, or both? If just against you, then no, the credit card company may not seize your business property to satisfy a personal debt. If against the company and the company owns the property, then yes. Also yes if the judgment is agains both you and the company.
Answered on Sep 12th, 2013 at 3:45 PM
LEGAL DISCLAIMER ¿ I am not seeking to represent you based on the response to this question. The answer given is for general information purposes only. No attorney-client relationship is hereby intended.