Do I list my LLC bank account on a personal debt judgment fact info sheet?

[quincy]

Once the judgment creditor learns of the LLC, and if the personal debt cannot be satisfied otherwise, the creditor could obtain a charging order to collect LLC distributions (income/profits) due Fogyreef, and the creditor could get an assignment on Fogyreef’s interest in the LLC, and the creditor potentially could foreclose on these rights.

http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0600-0699/0605/Sections/0605.0503.html

I admit my first “yes” answer was tossed off too quickly. Fogyreef might not have to disclose the LLC account information. But Fogyreef’s interest in the LLC is not protected from judgment-creditor actions that can be taken to satisfy the personal debt owed by Fogyreef.

Having a Florida attorney personally review the judgment and the disclosure form would be smart.

 

[LdiJ]

Speaking with an attorney in your area for a personal review is definitely your smartest move.

If your LLC is registered under your social security number instead of a different tax identifying number, your LLC is vulnerable.

An LLC that has made an S-Corp election would NOT be listed under the OP's SSN.

 

[quincy]

An LLC that has made an S-Corp election would NOT be listed under the OP's SSN.

Taxing Matters already said that.

 

[Fogyreef]

Is this the form you're talking about?

Who is the judgment debtor: you personally or your LLC (or both)?

If the judgment is only against you personally, there would be no reason at all to disclose checking accounts or other assets owned by an LLC or corporation just because you happen to be the/an owner of the LLC or corporation.

Mostly verbatim, except for a few of the last requests mentioning "entity".

I am the debtor solely.

 

[Fogyreef]

zddoodah pointed out the form that is required by statute, so it is quite likely the form (sheet) that the OP is referring to. On that form, the information is not requested in the way the OP indicated.

I believe this to be correct, though I was unsure if the scope included all accounts in my control. Still, I'm off to talk to my lawyer.

 

[Fogyreef]

Once the judgment creditor learns of the LLC, and if the personal debt cannot be satisfied otherwise, the creditor could obtain a charging order to collect LLC distributions (income/profits) due Fogyreef, and the creditor could get an assignment on Fogyreef’s interest in the LLC, and the creditor potentially could foreclose on these rights.

http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0600-0699/0605/Sections/0605.0503.html

I admit my first “yes” answer was tossed off too quickly. Fogyreef might not have to disclose the LLC account information. But Fogyreef’s interest in the LLC is not protected from judgment-creditor actions that can be taken to satisfy the personal debt owed by Fogyreef.

Having a Florida attorney personally review the judgment and the disclosure form would be smart.

Fortunately(?) the LLC is not profitable yet.

 

[quincy]

Fortunately(?) the LLC is not profitable yet.

Haha. One bright side.