What is the name of your state? Hawaii
I was just notified that a lawsuit was filed against my s-corporation. I have absolutely no assets or access to money to pay legal fees. I'm barely surviving now. In fact, I was seriously considering filing BK for the company and myself personally prior to this recent news.
The only asset I can think of personally owning is my apartment. The I owe $200K on it and the most recent sale was $220K. However, accessing the very little amount of equity in my property is impossible because of my poor credit and closing costs.
I would basically like to know my worst case scenario. If I lose in court and a judgment is placed, would it follow me personally for the rest of my life? If my s-corp files BK, could the individual still come after me for the huge amount of money they're asking for?
Appreciate any comments and advice received.What is the name of your state?
I was just notified that a lawsuit was filed against my s-corporation. I have absolutely no assets or access to money to pay legal fees. I'm barely surviving now. In fact, I was seriously considering filing BK for the company and myself personally prior to this recent news.
The only asset I can think of personally owning is my apartment. The I owe $200K on it and the most recent sale was $220K. However, accessing the very little amount of equity in my property is impossible because of my poor credit and closing costs.
I would basically like to know my worst case scenario. If I lose in court and a judgment is placed, would it follow me personally for the rest of my life? If my s-corp files BK, could the individual still come after me for the huge amount of money they're asking for?
Appreciate any comments and advice received.What is the name of your state?