Debt collection

What is the name of your state? Virgina. I have a judgement for a debt that is three years old. I have been in front of a collections attorney and a commissioner of chancellory. The debt is unsecured debt (credt card). The commissioner and attorney are trying to get my car which is owned by my subchapter "c" corporation. There are no other assets in this corporation as it is a personal service business. I am the only shareholder of this corporation. I thought corporate assets were protected. Does anyone know how I can stop them from getting to my car? Thanks.

[stevek3]

Originally Posted by trimanjc

What is the name of your state? Virgina. I have a judgement for a debt that is three years old. I have been in front of a collections attorney and a commissioner of chancellory. The debt is unsecured debt (credt card). The commissioner and attorney are trying to get my car which is owned by my subchapter "c" corporation. There are no other assets in this corporation as it is a personal service business. I am the only shareholder of this corporation. I thought corporate assets were protected. Does anyone know how I can stop them from getting to my car? Thanks.

Piercing the corporate veil. I've done it several times, but it wasn't nice and easy. However, you're making it nice and easy. Get yourself a lawyer before you're taking a skateboard to the supermarket.

[Ladynred]

How much equity in the car and have you claimed the exemption for it ??

Virginia, I am fairly sure that I am upside down in the car therefore no equity, just paying the payment. What exemption is there available. I have not filed bankruptcy, YET. Thanks, look forward to any help.

[Ladynred]

I don't think they can take something that, quite literally, does not belong to you - it belongs to the bank that financed it. With no equity, it should be completely exempt from siezure in any case. VA vehicle exemption is 2000 equity. Call the courthouse and get whatever form you need to claim your exemptions from judgment.