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Bank levy from corporate account after filing chapter 7
exemption doesn't apply. corporation is separate entity from individual
debtor and corporations have no rights to exemptions, anyway. you may be
able to get it back with an 11, but cost may be prohibitive.
On Tue, Oct 12, 2010 at 1:17 PM, kellyk_chang wrote:
>
>
> Dear Listmates:
>
> Chapter 7 INDIVIDUAL debtor has an incorporated business. After the debtor
> filed for Chatper 7, a judgment creditor levied the debtor's corporate bank
> account. The corporation is the only judgment debtor (defendant).
>
> Debtor's Schedule C lists the corporate checking account to be exempted and
> Schedule F also lists the remainder of the judgment amount. Can the judgment
> creditor levy the corporate account because the corporation (judgment
> debtor) is not filing chapter 7? How does the automatic stay apply in this
> settings? Any way to get the levied amount back? Any advice will be
> appreciated.
>
> Kelly K. Chang, Esq.
> Law Offices of Kelly K. Chang
> 401 Shatto Place, #101
> Los Angeles, CA 90020
>
>
>
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exemption doesn't apply. corporation is separate entity from individual debtor and corporations have no rights toexemptions, anyway. you may be able to get it back with an 11, but cost may be prohibitive.
On Tue, Oct 12, 2010 at 1:17 PM, kellyk_chang <
The post was migrated from Yahoo.
Dear Listmates:
Chapter 7 INDIVIDUAL debtor has an incorporated business. After the debtor filed for Chatper 7, a judgment creditor levied the debtor's corporate bank account. The corporation is the only judgment debtor (defendant).
Debtor's Schedule C lists the corporate checking account to be exempted and Schedule F also lists the remainder of the judgment amount. Can the judgment creditor levy the corporate account because the corporation (judgment debtor) is not filing chapter 7? How does the automatic stay apply in this settings? Any way to get the levied amount back? Any advice will be appreciated.
Kelly K. Chang, Esq.
Law Offices of Kelly K. Chang
401 Shatto Place, #101
Los Angeles, CA 90020
The post was migrated from Yahoo.
Dear Listmates:
Chapter 7 INDIVIDUAL debtor has an incorporated business. After the debtor filed for Chatper 7, a judgment creditor levied the debtor's corporate bank account. The corporation is the only judgment debtor (defendant).
Debtor's Schedule C lists the corporate checking account to be exempted and Schedule F also lists the remainder of the judgment amount. Can the judgment creditor levy the corporate account because the corporation (judgment debtor) is not filing chapter 7? How does the automatic stay apply in this settings? Any way to get the levied amount back? Any advice will be appreciated.
Kelly K. Chang, Esq.
Law Offices of Kelly K. Chang
401 Shatto Place, #101
Los Angeles, CA 90020
The post was migrated from Yahoo.