enforcing judgement

[spoiltbrat]

I live in Louisiana. I have a judgement against a company that is incorporated. Three people are listed on the business license. How do I go about enfording the judgement? How to put it on their credit reports, etc...? How long does the judgement stay on a person's record? Thank you for your answer.

 

[HomeGuru]

If your judgement is against the corporation, you can not go after the individual owners because it is a corporation liability and not indivdual liability. If the indivduals gave personal guarantees to you, you should have gotten the judgement against the individuals and the corporation.

 

[JETX]

Louisiana judgments are valid for 10 years.

And as pointed out correctly by HomeGuru, your judgment against a corporation CANNOT be enforced against an individual, so the issue of credit history 'refreshing' is moot.

 

[spoiltbrat]

what can I do?

Thanks for the answers. Then, what can I do?

 

[JETX]

Use the allowed Louisiana statutes and enforce your judgment against the corporations assets. Actually, this is probably a better solution than personal anyway. The state provides for exempt assets for individuals but NOT for corporations.

 

[spoiltbrat]

thanx

Thank you very much.

 

[jaxonbrown]

hmmm, but what if the corporation is worthless?
you don't get squat, right?

what if i created a corporation and bought cars and houses with investors money and then ran it into the ground? could i just say, "yea, sue my corporation heh heh here's the assets" and drop a handful of change on the table and walk away?

 

[JETX]

Q1) "but what if the corporation is worthless? you don't get squat, right?"
A1) If the corporation has NO assets, you have the same result as a 'judgment proof' individual. Just another incentive to know who you are dealing with.

Q2) "what if i created a corporation and bought cars and houses with investors money and then ran it into the ground? could i just say, "yea, sue my corporation heh heh here's the assets" and drop a handful of change on the table and walk away?"
A2) Very unlikely. Before any creditor would let you buy ANYTHING in a corporate name (especially a new one or one with NO assets), they would make you sign a personal guarantee. That way YOU would be liable personally. Further, states have specific corporate laws that can be used in some cases to transfer the corporate debts to an individual who acts as you describe (acting as an 'alter ego' of the corporation). Further, you are forgetting.... any assets that you purchased using corporate funds (like the 'cars and houses') would be corporate assets.... and seized to pay the corporate liability.