Will CC debt affect my new LLC in any way?

**demiurgic** · 02-03-2009, 01:33 AM

Hi there,
I have some outstanding debt from 3-5 years ago. All in the hands of collection agencies right now.
I am wondering if they can take money from the business bank account or affect my new business in any way. It's a LLC corp.
I will either be disputing/settling/waiting out the 7 years since it's already been around 5 years. Not sure which route to go.
I wanted to know if they can garnish my wages in another way if I dont' work for anyone but myself. I checked one agency today, Trans Union, and there are no public records so far.
Thanks a lot for your help!
Demi

**Magic69** · 02-03-2009, 07:29 PM

Granted, I'm no lawyer, but this is what I think...

Nobody can actively take over your assets to satisfy a collection, period. If a judgement is filed, it might depend on the type of judgement (tax, etc), but I don't think there'd be much likelihood they could take over your assets for one of these either.

If a tax lien did have the power to take over assets, then I imagine they could take control of your equity in the business, but not necessarily the business' assets/cash, so long as you played by all the rules of keeping business/personal separate. Again, my guess, and again, I'm not a lawyer.

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