Colo law - bank levy question

What is the name of your state? Colorado

Can a creditor levy from a bank account in Colorado for a credit card debt judgment?

What if the bank account is in the name of a business owned by the person who has the judgment against them?

[racer72]

Who was sued, the owner of the business, the business or both?

[JETX]

"Can a creditor levy from a bank account in Colorado for a credit card debt judgment?"
*** Yes.

"What if the bank account is in the name of a business owned by the person who has the judgment against them?"
*** Can't happen. Reason: if the business is a sole proprietorship (d/b/a), then the account is the property of the individual. And if the business is incorporated, it is not OWNED by a person. So, who's name is on the judgment and who's name is the account under??

The business is an LLC and I am the sole person on it. The bank account is in the name of the business. The judgment is against me personally on a credit card debt. I want to protect the business until I can get this resolved. I guess I will need to incorporate. Any other ideas?

[JETX]

"The business is an LLC and I am the sole person on it. The bank account is in the name of the business. The judgment is against me personally on a credit card debt"

Couple of issues:
1) As a single person, you are not the owner.... even of an LLC. The LLC is owned by the shareholders. And though I am not sure of Colorado corporate requirements, I doubt that a corporations shares can all be owned by one person.
2) If the judgment names you personally and not the corporation, then the corporations assets, including a bank account solely in its name and EIN, are exempt from seizure for that judgment.
3) However, if you used your SSN for the corporations EIN, then you have made the account subject to seizure. A corporations records, to be maintained properly and protected should not have ANYTHING to do with your name or identity. Otherwise, a claimaint can allege that the corporation is being operated as an 'alter ego' of yourself and possibly 'pierce the veil' of the corporation.
4) One final statement..... since you see yourself in the situation you are in (or may be in), it would appear that you are likely not in compliance with the states laws as to maintaining a corporate entity and, if correct, I would suggest you get yourself familiar with the requirements of a corporation in your state.