Posted by JD on December 21, 2000 at 19:20:40:
I have seen judgements with Monogram Bank as a creditor. I did not think they were either litte or a fly by night operation. I thought that they were the collection/credit arm of Montgomery Wards retail stores.
Being sued - Posted by Robert (ID)
Posted by Robert (ID) on December 21, 2000 at 13:00:16:
Due to some unfortunate incidents over the last year, I have become behind in my credit card payments. They say they are sue me if I don’t pay them off. I have made the choice to not pay them at this time. I am unemployed and do not have a income that allows me to make payments at this time.
My question is, can they come after the money I have in my LLC bank account.
Thanks,
Robert
Re: Being sued - Posted by Lee
Posted by Lee on December 25, 2000 at 23:58:48:
Hey Robert
I don’t understand… you owe, and have money, why in the hll don’t you pay your debts?
Is YOUR money in the LLC or does it belong to others too?
I’ll tell ya, IF I found out that someone who owed me had the funds to pay me, but didn’t, I WOULD be on them like stink on sht.
WHY are you not working?
Your J.O.B. is to get two jobs NOW, on Tuesday 12/26/2000. Then contact your creditors, be up front. Tell them you WERE unemployed but are now are working and that you WILL be sending them payments. Make no promises that you can’t keep and document every word of what you and they say.
GET OUT AND GO TO WORK NOW, PAY YOUR DEBTS!
“TODAY IS THE FIRST DAY OF THE REST OF YOUR LIFE”,
Act like it.
Preserve your name/honer.
Tough Love? No, Reality!
Good Luck
Lee
SLM10000@aol.com
Re: Being sued - Posted by Robert (ID)
Posted by Robert (ID) on December 22, 2000 at 23:57:39:
Thanks for your input.
Robert
Re: Being sued - Posted by Eloise
Posted by Eloise on December 22, 2000 at 12:08:10:
From my personal experience yes they can put a hold on your bank account as a down payment. Until you work something out. If you pay them something it will be hard for them to sue you. I’m talking about you personal assets not your business.
Re: Being sued - Posted by JPiper
Posted by JPiper on December 21, 2000 at 14:01:23:
First, I would be surprised if they sue you. Normally what I see is P/L writeoffs. This of course trashes your credit (something you don’t want as a real estate investor if it’s avoidable). But it does not entitle levying against any bank account.
But further, a personal debt does not entitle a levy against an LLC bank account…unless they can pierce the LLC veil. A charging order would entitle them to distributions on the membership interest, if there are any.
I’d consider staying in touch with them, give them a plan if you have one. And start paying as soon as you are able.
JPiper
Re: Being sued - Posted by JohnBoy
Posted by JohnBoy on December 21, 2000 at 14:00:04:
NO!
Your LLC is a separate entity and has nothing to do with your personal obligations!
Even if they sued you, that just gets them a judgement against you. Then they still have to try to collect from you. Do you have anything they could get???
If you went to court, chances are the Judge would allow you to work out a payment plan. I’m not a lawyer so don’t quote me on that.
You could tell them you will send them $5 per month until you get back on your feet. Tell them if they can’t except that and if they try to pursue the matter they will give you no choice but to file BK and then they will end up getting ZIP!!!
Re: Being sued - Posted by Robert (ID)
Posted by Robert (ID) on December 26, 2000 at 10:58:39:
Lee,
I never said that I wasn’t going to pay them. I have talked to my creditors, and they all said the same thing, They want their money. I would be happy to pay them off if I had the money. I told them all that I didn’t have an income, that I was getting into Real Estate and it would be after Jan. before I could start making payments. They said that it would be turned over to collections at the end of Nov. I have every intention of paying them when I can.
Do I have money in my LLC bank account? I do now, the option deposits from the 2 houses I was able to lease this month. If my creditors were to seize my account, I would be on the street. (From your comments, that would be alright with you, at least your bills were paid. It doesn’t matter that your family can’t eat or have a place to sleep, you have paid your bills.) that is where I would be right now if I had used my saving to pay my bills, as a mater of fact, I would be on the street and still owe bill collectors. So you make the decision to eat and have a roof over your head.
You tell me to go get a job! Last year, I was looking for a job after my company downsized, but before I found a JOB, I blew my knee out and I didn’t have insurance. I don’t have the money for an operation to fix my damm knee. Can you walk up or downhill or up and down stairs? Are you able to lift objects and carry them? Well, I can’t. I can’t even walk normal, my knee doesn’t lock, it just keeps going, hyperextending my knee. I spent 7 weeks unable to bend or put any pressure on my knee, it was swollen tho the size of a cantalope. It will never heal, unless I have an operation.
Dude, I am doing everything I can to keep my head above water, I am not going to give the sharks my life vest. I will, once I reach the beach, pay my bills.
This is reality!!
Robert
Re: Most won’t sue BUT - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on December 21, 2000 at 15:26:23:
I worked closely with a situation where some little “fly by night” company did sue over $503 owed.
The little “fly by night” was a credit card only, bank called Monogram Bank, with a Cincinnati Ohio, P.O. Box address. It seems that this little bank was owned in Whole by G.E. Credit Corp., a pretty large company that did not mind a lawsuit over $500.
I doubt if they ever got any money, or ever will.